Wednesday, 31 December 2014

Base Metals Daily Commodity Market Update

Aluminum did not budge much from its previous close and settled at $1858 MT, down by a mere 0.05%. Fundamentally, LME Cash to 3M forward contango widened to be at $27, whereas the fall in inventory was negated by an equal fall in the cancelled warrants.

Copper surprised many and closed at a positive note to settle at $6325 MT, up by 0.56% from its previous close. The dark shadows were already looming on the metal as China’s HSBC manufacturing number released today was although better than the expectations but remained below the crucial 50 marks, not indicating any major boost for the economy.

Nickel gained marginally and closed at $15075 MT after have fallen by more than 1% the previous day. Fundamentally, LME Cash to 3M forward contango squeezed back to being at $76; however the cancelled warrants declined by around 1344 MT followed by a rise in inventories, indicates a weakness in the spot demand for the metal.
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1 comment:

  1. • Gitanjali Gems Q1 profit up 21% at Rs 69 cr on robust sales.
    • Reliance Comm posts consolidated loss of Rs 1,210 cr in June quarter.