Commodities » Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (September 01, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

U.S. metals prices settled sharply lower on Tuesday, erasing the steep gains made a day earlier while London markets were closed, but the latest weak data, along with month-end position squaring, sent prices to their two-day lows.

IN FOCUS

- Japan's copper cathode inventories fell 6% in July compared with June, to 35,975 metric tons, according to preliminary data released Wednesday by the Ministry of Economy, Trade and Industry.

- Russian aluminum giant United Co. Rusal PLC (0486.HK) is on track with its increase in production output and will continue reducing its workforce in the second half, the company's management said at a briefing Tuesday.

- Russia's zinc output increased 24.9% on year in January-July, the state statistics committee reported Tuesday.

- Rio Tinto on Monday signaled it was pushing ahead with its expansion plans in iron ore while it awaits competition authority clearance to form a partnership with rival BHP Billiton in Australia.

FUNDAMENTAL OUTLOOK

Industrial metals prices are trading up on LME. Metals look strong for the day, positive manufacturing PMI data from China is likely to support the prices of metals during the day. Buying at dips is recommended today.