New York: 03:32 || London: 08:32 || Mumbai: 12:02 || Singapore: 14:32

Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (December 27, 2013)

December 27, 2013, Friday, 04:22 GMT | 23:22 EST | 08:52 IST | 11:22 SGT
Contributed by Angel Broking


Base Metals

LME markets were closed yesterday on the eve of Boxing Day holiday.

In the Indian markets, base metals traded on a mixed note and Rupee depreciation could not provide respite to the falling base metal prices.


Copper

Since the LME markets were closed yesterday, Copper took cues purely from the domestic markets, gaining sharply owing to Rupee depreciation and closed near the intra-day high.

Further, we saw more than expected fall in jobless claims data from the US supported an upside in the prices.

MCX Copper prices traded higher by 0.9 percent on account of Rupee depreciation touching an intra-day high of Rs.470.6/kg and closed at Rs.470/kg on Thursday.


Outlook

We expect base metals to trade on a positive note today taking cues from favorable US unemployment data that came in the evening session yesterday.

Also, weakness in the DX along with upbeat market sentiments will support base metal prices. Further, China liquidity easing will act as a positive factor for the base metals.

In the Indian markets, Rupee depreciation will continue with positive sentiments in the base metals prices.