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Commodities Industrial Metals

Industrial metals (copper, aluminium, nickel, etc.) daily review (May 16, 2014)

May 16, 2014, Friday, 05:40 GMT | 00:40 EST | 09:10 IST | 11:40 SGT
Contributed by Angel Broking

Base Metals

Base metals on the LME traded on a negative note yesterday taking cues from mixed economic data from the Euro Zone. Also, mixed global market sentiments exerted downside pressure on prices.

However, positive manufacturing data from the US coupled with decline in inventories cushioned sharp downside in prices.

MCX base metals traded lower yesterday on the back of Rupee appreciation.


LME Copper prices fell by 0.4 percent yesterday on the back of decline in industrial production data from the US and mixed economic data from Euro Zone. Also, rise in risk aversion in the markets acted as a negative factor.

However, sharp downside was cushioned owing to decline in LME inventories by around 3 percent. Also, positive manufacturing data from the US supported gains in the metal. The red metal closed at $6867/tonne on Thursday after touching an intra-day low of $6864/tonne.

MCX Copper prices declined by 0.6 percent and touched an intra-day low of Rs.415.2/kg before closing at Rs.415.8/kg in the last trading session.


We expect LME Copper prices to trade on a mixed note today on the back of strength in the DX coupled with weak global market sentiments will exert downside pressure on prices.

While on the other hand, expectations of positive economic data from the US in the evening session will cushion sharp downside or even reversal in prices.

In the Indian markets, Rupee appreciation will keep a check on gains in prices.