Monday, 2 February 2015

Commodity Market Base Metals News and Tips

Aluminum retrieved from trading in negative for most part of the week and managed to close positive at 1.8% above the previous close. The advanced GDP QoQ from US was disappointing at 2.6% however later On Friday; Chicago PMI landed much above the expected levels at 59.4 and dragged upwards most of the metals from their lows.

Copper continued to decline by around 0.4% to settle at $5495 MT from its previous week’s close. The decline in the metal has been mainly due to the firmness in the US Dollar which has been trading above the crucial 94.5 marks on Fed’s upbeat economic outlook and better than expected labour data.

Nickel was best performer during the week and rose around 5.7% to settle at $15166 MT from its previous close. Fundamentally, the inventories continued to rise to record highs by 0.6% but the cancelled warrants rose by 7.88% and LME Cash to 3M forward contango remained flattish, indicating demand spurring up for the metal.

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