Tuesday, 31 March 2015

Base Metals Aluminum, Copper and Nickel Trading News

Aluminum started the week on a positive note, gaining around 0.87% and settled at $1797.5 MT, up from its previous close. On a fundamental note, the inventories continue to fall over and above the fall in the cancelled warrants along with the quickly dwindling backwardation of the metal at LME which currently stands at $5.5 MT, indicating some positivity for the metal.

Copper tried to shrug off part of the losses it underwent on Friday and closed on a positive note yesterday, gaining by around 0.45% and settled at $6082 MT from its previous close.

Nickel continued to be the worst performer among the base metals sector yesterday, declining by around 3% and settled at $12880 MT. The decline in the metal has been mainly witnessed due to the faltering demand for stainless steel and record high inventories

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