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Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (February 19, 2014)

February 19, 2014, Wednesday, 10:33 GMT | 05:33 EST | 16:03 IST | 18:33 SGT
Contributed by Angel Broking


Base Metals

Base metals on the LME traded on a positive note yesterday taking cues from upbeat global market sentiments that boosted demand. Also, decline in inventories along with weakness in the DX acted as a positive factor.

However, unfavorable economic data from the US capped sharp gains.

In the Indian markets, base metals traded on a positive note owing to Rupee depreciation.


Copper

LME Copper prices gained around 0.1 percent yesterday on the back of rise in risk appetite in the markets that boosted demand for the red metal. Further, decline in LME copper inventories by 1 percent to 293,150 tonnes supported gains in the metal.

However, negative manufacturing and housing data from the US prevented sharp positive movement. The red metal touched an intra-day high of $7199/tonne and closed at $7189.3/tonne on Tuesday.

In the Indian markets, copper prices rose around 0.8 percent taking cues from Rupee depreciation and prices closed at Rs.451.2/kg after touching an intra-day high of Rs.451.5/kg on Tuesday.


Outlook

We expect base metals prices to trade on a mixed note today taking cues from expectations of negative economic data from the US in the evening session.

While on the other hand, upbeat markets along with weakness in the DX will support an upside in the prices.

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