• Industrial metals (copper, aluminium, nickel, etc.) daily review (September 11, 2015)

    Base Metals

    Base metals on the LME traded positive yesterday as dollar index weakened by around 0.6 percent on Thursday. Besides, bargain hunting at lower levels also acted as a positive factor.

    On the contrary, mixed employment reports from the US have raised uncertainty regarding decision of the Federal Reserve regarding rate hike.

    On the MCX, all the base metal prices traded positive in line with international trends.


    LME Copper prices jumped by 0.6 percent on Thursday to close at $5398 per tonne as fund buying fuelled the uptrend, but gains were capped ahead of a Federal Reserve meeting next week and on fears of a hard landing in top consumer China.

    Glencore PLC’s announcement on Wednesday that it would suspend two of its large copper mines in Africa also acted as a positive factor for copper prices.

    MCX copper prices rose by 0.2 percent and closed at Rs.363.3/kg in line with international trends.


    We expect Copper prices to trade sideways today as growth concerns in China continue to dominate bearish sentiments while Chinese producer prices slipped deeper into deflation marking the 42nd consecutive month of declines creating concerns on the demand side.

    On the MCX, copper prices are expected to trade sideways today in line with international trends.

    Contributed by Angel Broking
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