Friday, 30 January 2015

Latest Update on Base Metals

Base Metals
Base metals traded lower yesterday after the Federal Reserve signaled it would stick to plans for a rate hike this year, drawing back liquidity that has underpinned metals. Also, expectation of a stronger U.S. dollar boosted by good economic data from the United States acted as a negative factor.

Copper
LME Copper prices declined by 0.6 percent yesterday and fell to a new five-and-a half-year low on Thursday, brought down by a stronger dollar and investor concerns that China's slowing economy would hamper demand for the industrial metal. News that top metals consumer China plans to cut its economic growth target to the lowest in 11 years at around 7 percent in 2015 also hurt sentiment.

MCX copper prices fell by 0.1 percent yesterday and closed at Rs.337.3/kg in line with weak international markets.

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