Tuesday, 23 December 2014

Base Metals Daily Commodity Market Update

LME forward Aluminum was one of the worst performers from the base metals complex declining to $1880 MT, down by 1.4% from its previous close. Fundamentally, Cash to 3M forward contango widened to $26.75 MT, indicating the lack of spot demand.

LME Copper slashed its gains yesterday and declined by around 0.7% to settle at $6355 MT. The prices of the metal had been rising mainly on the speculation that SRB of China is purchasing Copper for the state reserve. 

Nickel finally posted gains yesterday to settle at $15650 MT, up by around 0.32% from its previous close. Fundamentally, bearishness continues in Nickel as well as the inventories continue to rise followed by a decline in the cancelled warrants, LME Cash to 3M forward contango also further widened to $71 MT.

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