Thursday, 12 March 2015

Base Metal Trading Report for Today

Aluminum continued to trail along the bearish side and declined by around 1% and settled at $1745 MT, similar to the entire LME index which slumped as the Dollar index further strengthened and is currently trading around 99.7 marks maintaining a downward pressure on metals. On the fundamental note, the cancelled warrants declined by around 8475 MT indicating the lack of immediate demand for the metal.

Copper continued to plunge further and declined by around 0.61% and settled at $5730 MT from its previous day’s close. On the fundamental note, the inventories continued to rise along with the decline in the cancelled warrants whereas the backwardation at LME further deepened to $24.5 MT, giving mixed cues for the metal.

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