• Industrial metals (copper, aluminium, nickel, etc.) daily review (September 18, 2015)

    Base Metals

    Base metals on the LME traded mixed yesterday as investors remained cautious aged of US rate hike decision.

    While on the other hand, weakness in the DX supported gains.

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


    LME Copper prices rose to a two-month high on Thursday after Chile, the world’s biggest producer, was hit by a large earthquake that temporarily stopped some mines from operating and triggered tsunamis that damaged a small port. Chile’s state-owned Codelco, the world’s biggest copper mining company, said it had halted operations at one of its mines. Also, weakness in the DX ahead of the FOMC statement supported gains. Further, decline in LME stocks acted as a positive factor.

    However, cautious stance in the global markets citing weakness in the Asian economies hurt risk appetite.

    MCX copper prices traded flat and closed at Rs.363.5/kg in line with international trends.


    We expect Copper prices to trade higher today as decision by the Federal Reserve to hold rates steady between 0 - 0.25 percent will be supportive for dollar denominated commodities. Further, spurt in supply disruption concerns following an earthquake in Chile, the world’s biggest supplier of this industrial metal will buoy the metal.

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

    Contributed by Angel Broking
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