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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