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Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (May 06, 2014)

May 6, 2014, Tuesday, 04:58 GMT | 23:58 EST | 08:28 IST | 10:58 SGT
Contributed by Angel Broking


Base Metals

No movement was seen in international base metals as the LME markets were closed yesterday on the eve of May Day holiday.

MCX base metals purely took cues from Rupee appreciation and witnessed a mixed movement yesterday.

Zinc was the biggest gainer with 0.2 percent while on the other hand Nickel and Copper were the biggest losers with a loss of 0.4 percent each.


Copper

LME Copper did not show any movement yesterday on the back of New Year’s Eve holiday.

MCX Copper prices declined by 0.4 percent owing to Rupee appreciation touching a low of Rs.409.6/kg and closed at Rs.409.85/kg on Monday.


Outlook

We expect LME Copper prices to trade mixed today on the back of mixed market sentiments along with weak retail sales data from Euro Zone that will exert downside pressure on prices.

While on the other hand, estimates of favorable Trade Balance data from the US coupled with weakness in the DX will cushion sharp downside or even reversal in prices.

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