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Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (April 03, 2014)

April 3, 2014, Thursday, 06:29 GMT | 01:29 EST | 09:59 IST | 12:29 SGT
Contributed by Angel Broking


Base Metals

Base metals on the LME traded higher yesterday taking cues from positive jobs and factory orders data from the US. Also, positive employment data from the Euro Zone coupled with rise in risk appetite in the markets supported gains. However, mixed trend in LME inventories along with strength in the DX capped sharp gains. In the Indian markets, base metals traded lower owing to Rupee appreciation.


Copper

LME copper prices gained around percent yesterday on the back of positive economic data from the US and favorable employment data from Euro Zone. Also, decline in LME inventories by 0.7 percent coupled with upbeat global market sentiments restricted sharp upside in prices. The red metal touched an intra-day high of and closed at on Wednesday.

MCX Copper prices gained 0.2 percent yesterday and closed at 4047/kg.


Outlook

We expect LME Copper prices to trade on a mixed note today taking cues from weakness in the DX along with upbeat global market sentiments that will support an upside in prices.

While on the other hand, expectations of unfavorable retail sales data from Euro Zone along with mixed economic data from the US in the evening session will cap sharp gains or even reversal in prices.

in the Indian markets, Rupee movement will provide further direction to prices.