Monday 10 June 2013

Copper Drops More Than 2% Today

Copper...........
Copper has so far declined by 2.3 percent after the weakness shown in the export figures of China. LME Copper was seen trading at $ 7138 per tonne, down $ 177 per tonne. MCX Copper June expiry was trading at Rs 415 per kg, 0.44 percent.
China's industrial output rose by a less-than-forecast 9.2% in May from a year earlier, while consumer prices fell more-than-expected. The report from National Bureau of Statistics in China showed that Chinese exports rose at the slowest pace in almost a year in May, up 1%, well below expectations for gains of 7.3%. Imports unexpectedly fell last month, dropping 0.3%, compared to expectations for a 6% rise.
The data from Chinese imports didn't support the fate of Copper. The data has shown that China unwrought Copper and Copper product imports have appreciated by 21.3 percent to 358672 tonnes in May 2013 compared to 295799 tonnes in April this year. The decline in imports on a yearly basis spoiled the mood of the traders. Chinese imports declined by 14.5 percent on a yearly basis from 419741 tonnes in May 2012.
Among other metals, LME Aluminium inventories jumped by as much as 18750 tonnes in the single day on 9 June 2013. Imports of unwrought Aluminium in China were 72662 tonnes in May, up 13.3 percent from 64134 tonnes in April 2013. Imports declined by 20.2 percent from 91083 tonnes in May 2012.
The LME Aluminium prices have moved down by $ 40 per tonne to $ 1928 per tonne. MCX Aluminium didn't follow the footsteps of its counterpart and was up 1.2 percent mainly due to decline of Rupee to all time lows against the Dollar. Rupee was trading at 58.14 when last checked, up 1.9 percent.
Steel makers have continued to face depressing times in terms of demand. The slowdown in demand is troubling major Chinese steel makers. China steelmaker Baosteel has again decided to decline the prices of its products for July booking.
Baosteel will cut July prices of hot-rolled coil mainly for manufacturing by 200 yuan ($32.61) a tonne and for cold-rolled coil, principally for autos and domestic appliances, by 200 yuan a tonne.
Source by Commodity Insights

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