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Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (August 18, 2014)

August 18, 2014, Monday, 05:35 GMT | 00:35 EST | 09:05 IST | 11:35 SGT
Contributed by Angel Broking


Base Metals

Base metals on the London Metal Exchange traded lower last week following the release of disappointing economic data from the US and China, two biggest consumers

However, the US and the UK have delivered more humanitarian aid to besieged Iraqi citizens while mediators hope to broker a peace deal over Gaza before a second 72-hour ceasefire between Israeli and Palestinian forces ends this evening restricted sharp fall in prices.

MCX base metals traded on a negative note in the last week in line with weakness in the international markets.


Copper

LME Copper prices declined by 2.4 percent last week dragged down by disappointing data on top consumer China's property sector, which raised concerns about the outlook for the metal used in power and construction. Also, weak economic data from the US along with the crisis in Ukraine has also sapped investor confidence by threatening a fragile economic recovery in Europe, thereby threatening demand from other major consumers.

The red metal touched a weekly low of $6821/tonne before closing at $6827/tonne.

MCX Copper prices slipped by 3.2 percent and touched a low of Rs.415.5/kg before closing at Rs.415.8/kg.


Outlook

We expect LME copper prices to trade lower today as weak economic data fuelled concerns about the prospects for demand in the US and China, the world's biggest consumers.

In the Indian markets, base metals will trade lower taking cues from international markets.

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