Commodities » Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (March 12, 2013)

Contributed by Angel Broking

The base metals pack traded on a mixed note on the back of upbeat global market sentiments in yesterday's trading session.

However, rise in the LME inventories added downside pressure on the prices. Further, unfavourable economic data from Euro zone also acted as a negative factor for the prices.

On the MCX, depreciation in the Indian Rupee supported an upside in the prices.


Copper

Copper, the I eader of the base metal pack increased by 0.2 percent in yesterday's trade on the back of optimistic global market sentiments.

However, rise in LME copper inventories by 0.8 percent which stood at 513,550 tonnes capped sharp gains in the prices. Additionally, cut in the Italy's credit outlook along with slow industrial growth in China also prevented gains in the prices. The red metal touched an intra-day high of $7772/tonne and closed at $7768/tonne yesterday's trading session.

On the domestic front, prices gained by 0.1 percent and closed at Rs. 425.6/kg on Monday after touching an intra-day high of Rs. 426.6/kg.


Outlook

In the intra-day, we expect base metals prices to trade on the positive note on the back of optimistic global market sentiments coupled with weakness in DX. However, expectation of negative economic data from UK may cap sharp gain in the prices.

In the Indian markets, Appreciation in the Indian Rupee will cap sharp upside movement in the prices on the MCX.