• Industrial metals (copper, aluminium, nickel, etc.) daily review (September 22, 2015)

    Base Metals

    Base metals on the LME traded mixed yesterday as concerns over the health of the global economy kept investors at bay.

    While on the other hand, strength in the DX along with falling sales of previously owned U.S. homes more than forecast in August, represented a pause in momentum this year for residential real estate restricted sharp upside.

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


    LME Copper prices gained 0.3 percent as China’s General Administration of Customs said imports of refined copper rose 12% in August from a year earlier to 262,691 metric tons, thereby easing some concerns that slower economic growth in China, the world’s top copper buyer, would translate into lower demand for the metal.

    However, sharp gains were capped owing to strength in the DX after European Central Bank Chief Economist Peter Praet reiterated Saturday that the bank is prepared to enlarge its monetary stimulus program if necessary to combat risks from global economic turbulence. Further, gains in LME stocks acted as a negative factor.

    MCX copper prices traded higher by 0.2 percent and closed at Rs.351.2/kg in line with international trends.


    We expect Copper prices to trade sideways today as investors keenly await manufacturing data from China, EU and the US due tomorrow. Also, strength in the DX will exert pressure. However, supply disruption concerns will restrict sharp fall.

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

    Contributed by Angel Broking
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