Commodities » Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (July 23, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

Industrial metal settled up at a two-month top on Thursday, with a supportive backdrop of improving fundamentals and strong technical momentum driving the advance.

IN FOCUS

- U.S. domestic primary aluminum production in May was 148,000 metric tons, up 4.2% from 142,000 tons the previous month and slightly higher than 147,000 tons in May 2009, the U.S. Geological Survey said Thursday.

- Australian nickel producer Mincor Resources NL (MCR.AU) Thursday outlined plans to increase nickel production to between 15,000 metric tons and 16,000 tons in the fiscal year ended June 30, 2012.

- China's largest nickel producer, has raised its refined nickel price by CNY3,000 to CNY156,000 a metric ton effective Friday, the company said on its website.

- South AfricaN diversified miner Exxaro said on Tuesday it had not yet opened talks with London-listed Vedanta Resources Plc over the sale of Exxaro's zinc mine in Namibia.

- Russia will raise the mineral extraction tax on gas by 61 percent from January 1 and increase export tariffs on copper, nickel and oil products to add billions to state coffers, the Finance Ministry said Tuesday.

FUNDAMENTAL OUTLOOK

Industrial metals are trading sideways to down on LME. We may see some profit taking place in this counter today after posting huge gains yesterday. Any downside today in industrial metals should be considered as a good buying opportunity.