Friday, 16 January 2015

Daily Base Metals Market News

Aluminum closed on a positive note yesterday, rising around 1% to settle at $1788.75 MT. Fundamentally, the metal continues to remain strong despite LME Cash to 3M forward contango rose to $9.4 MT as the demand for the metal is spurring from the automotive and aerospace sector.

Copper after being in an oversold phase from the beginning of the week, rebounded yesterday and closed positive at $5630.5 MT. up by around 1.5% from its previous close. One of the major reasons that is being attributed to this huge selloff during the week is the Chinese hedge funds being oversold.
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