New York: 06:01 || London: 11:01 || Mumbai: 14:31 || Singapore: 17:01

Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (July 10, 2014)

July 10, 2014, Thursday, 11:23 GMT | 06:23 EST | 14:53 IST | 17:23 SGT
Contributed by Angel Broking


Base Metals

Base metals on the LME traded on a negative note yesterday owing to unfavorable inflation data from China, which posed concerns regarding demand outlook. Also, unfavorable housing data from UK acted as a negative factor.

However, upbeat global market sentiments along with decline in inventories restricted sharp upside in prices.

In the Indian markets, base metals traded lower in line with international markets and Rupee appreciation.


Copper

LME Copper prices traded lower by 0.3 percent yesterday as concerns of demand softening spur after fall in inflation in the biggest consumer, China. Also, weak HPI data from UK exerted downside pressure on prices.

However, rise in risk appetite in market sentiments along with 0.8 percent decline for two days in a row cushioned sharp downside. The red metal touched an intra-day low of $7110/tonne before closing at $7117/tonne on Wednesday.

MCX Copper prices fell by 0.7 percent taking cues from Rupee appreciation and touched an intra-day low of Rs.431.1/kg in the last trading session.


Outlook

We except LME Copper prices to trade lower on the back of weak trade balance data from China which has spurred demand concerns in the biggest consumer.

However, upbeat market sentiments along with weakness in the DX will restrict sharp downside in prices.

MCX Copper prices will take cues from trends in international markets.