Copper......
LME Copper was expected to open on a suppressed note and that is what
has happened on Tuesday. The metals had extended weekend but have
opened in a negative territory with LME Copper down by 2% to $ 7455 per
tonne. These are seven month low levels for Copper. The metal used in
electricity and construction ended at $ 7613 per tonne last week.
The
selling pressure will continue as the US ISM manufacturing numbers were
disappointing for the month of March. The PMI registered 51.3 percent, a
decrease of 2.9 percentage points from February's reading of 54.2
percent, indicating contraction in manufacturing. New orders index
registered a dip of 6.4 percent to 51.4 in the month of March.
Indian
Copper April expiry ended at Rs 408 per kg, down 0.54%. MCX Copper at
the moment looks resisted at Rs 410 per kg while the Supports for the
metal is at Rs 405 and Rs 403 per kg. Among other metals, Nickel settled
at Rs 912 per kg, up 0.8%. The metal is supported at Rs 901 per kg.
LME
Aluminium was trading at $ 1900 per tonne on Tuesday compared to $ 1910
per tonne on 28 March and down 7.7% in a month. Weak Aluminium prices
have forced major smelters to cut back their production barring those
that have facilities in western China where the production costs are
much lower.
Indian Aluminium demand will take a hit from the fact
that the automobile sales have come down to a 12 year low. The property
markets is already suffering from high interest rates and with
automobile consumption at more than decade low, Copper consumption can
take a beating in the country. MCX Aluminium closed at Rs 104 per kg, up
0.34%. The prices are capped at Rs 105.5 per kg while Support is at Rs
101 per kg.
Source by Commodity Insights
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