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Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (July 23, 2014)

July 23, 2014, Wednesday, 04:44 GMT | 23:44 EST | 08:14 IST | 10:44 SGT
Contributed by Angel Broking


Base Metals

Base metals on the LME traded higher due to recovery in market sentiments yesterday helped by the first signs of cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane. Also, positive housing data from the US acted as positive factor.

However, mixed trend in LME inventories along with strength in the DX restricted gains.

In the Indian markets, all the base metals traded on a positive note taking cues from international trends.


Copper

LME Copper prices gained 0.3 percent yesterday as the housing data from the US turned up on a favorable note, thereby affirming positive outlook for the US demand.

Also, decline of 0.6 percent in inventories along with rebound in global market sentiments supported gains. The red metal closed at $7051/tonne in the last session.

MCX Copper prices rose by 0.1 percent and closed at Rs.429/kg on Tuesday.


Outlook

We except LME Copper prices to trade sideways on the back of improving prospects of the US economy which will support gains. Also, weakness in the DX coupled with rise in risk appetite in the market sentiments will act as a positive factor for prices.

While on the other hand, demand concerns in China will continue to weigh down on prices.

MCX Copper prices will trade sideways today taking cues from international markets.

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