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Commodities » Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (June 20, 2014)

June 20, 2014, Friday, 15:40 GMT | 10:40 EST | 20:10 IST | 22:40 SGT
Contributed by Angel Broking


Base Metals

Base metals on the LME traded on a positive note yesterday taking cues from favorable manufacturing and employment data from the US.

Also, upbeat market sentiments coupled with decline in inventories acted as a positive factor. Further, jump in industrial expectations data from UK supported gains.

In the Indian markets, base metals traded higher despite Rupee appreciation.


Copper

LME Copper prices traded higher by 0.2 percent yesterday and traded near two week high on the back of optimism regarding the two biggest consumers, the US and China. Also, weakness in the DX along with upbeat market sentiments supported gains.

In addition to that, favorable economic data from the US and UK acted as positive factors. Further, decline of 0.4 percent in inventories to 160,000 tonnes added an upside to prices. The red metal touched an intra-day high of $6745/tonne and closed at $6734.5/tonne on Thursday.

MCX Copper prices rose by 0.4 percent and touched an intra-day high of Rs.409.8/kg before closing at Rs.409/kg in the last trading session.


Outlook

We expect LME Copper prices to trade on a positive note today on the back of estimates of favorable economic data from the Euro Zone. Also, weakness in the DX coupled with upbeat market sentiments will support gains in prices.

In the Indian markets, Rupee movement will provide further direction to prices.