Wednesday, 10 December 2014

Base Metals Daily Commodity Market Update

Aluminum at LME traded up to settle at $1972 up by 0.31% from its previous close. The metal rose as the physical premiums in Japan witnessed a hike of around 4.8% for Jan-March deliveries, indicating that the demand for the metal continues to remain strong in the medium term. 

Copper was the best performer amongst the base metals complex yesterday posting gains of around 1.17% and closed at $6467.5 MT. One of the main reasons for the metal to rise was the prospect for a strike at mine in Peru which in turn sparked supply concerns. 

Nickel commodity traded down yesterday and closed at $16540 MT, down by 0.8%. This morning nickel is seen trading down by $5 from its previous close. The broad fundamentals of the metal continue to look strong and therefore major losses are restricted for the metal.
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