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Commodities Industrial Metals

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

May 20, 2014, Tuesday, 07:04 GMT | 02:04 EST | 10:34 IST | 13:04 SGT
Contributed by Angel Broking


Base Metals

Base metals on the LME traded on a positive note yesterday taking cues from rose in risk appetite in the market sentiments. Also, inventory data was no flashed yesterday owing to some technical problems in the LME.

Nickel was the biggest gainer yesterday with a surge of 6.4 percent as the investors refocused on tighter supply concerns as Indonesia banned the export of unprocessed nickel ore in January whereas Aluminium rose by a least 0.3 percent in the last trading session.

MCX base metals traded higher yesterday but Rupee appreciation capped sharp gains.


Copper

LME Copper prices gained 0.6 percent yesterday as worries about an economic slowdown in the biggest consumer, China appeared to be overdone. Further, Copper inventories are at their lowest level since September 2008 acted as a positive factor.

Also, weakness in the DX along with upbeat global market sentiments supported gains. The red metal touched an intra-day high of $6954/tonne and closed at $6915.8/tonne on Monday.

MCX Copper prices declined by 0.4 percent and touched a weekly low of Rs.413.8/kg before closing at Rs.412.1/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 positive inflation data from Euro Zone and UK. Also, upbeat global market sentiments coupled with weakness in the DX will support gains.

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