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MUMBAI, 24 Jan (Commoditiescontrol) India Base metal futures edged down at the end of the week on Friday taking cues from the global market except for the nickel prices. MCX nickel gained the most at around 3.4% during the past week.
MCX copper futures declined the most by around 5% on week.
London Metal Exchange (LME) three month copper lost the most among other industrial metals on the demand concerns from the world’s largest consumer China.
Worries over the rising debt as the first onshore default by a Chinese company may curb the demand for the industrial metal weighed on the prices.
Copper stock piles monitored by Shanghai Futures Exchange have risen for ten straight weeks, to 207,320 tons this week, gaining 4.6% thus adding to the concerns over slowing demand.
However, LME copper warehouse stocks declined to 269,000 tons this week, down by 2%.
Despite of weak underlining demand, copper imports by China increased 41.2% from a year earlier to 915,000 tons in January and February.
Other base metal prices were also under pressure except for nickel which gained for most of the week.
Three month LME nickel prices rose to ten month high at $ 15,515/ton during the week but ended lower at $ 15,264 a ton.
Prices have moved up on the tightening of global supplies due to Indonesia’s ban on ore exports. Exports of around $500 million a month of ores have been stopped since the ban in January through the new mining rules which included a ban on nickel ore exports were supporting an upside in the nickel prices, Bloomberg report said.
Nickel prices also got support by the recent worries over the trade sanctions by the US on Russia, thereon exacerbating supplies in the global market.
Appreciation in the Indian rupee dragged the base metal prices downwards.
In the coming week, India copper futures are expected to decline tracking international prices.
MCX copper April futures are likely to find resistance at Rs. 428-432/kg and support may be seen at Rs. 400-407/kg in the coming week.
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07.03.2014
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28.03.2014
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Feb-14
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YTD
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|
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% Change
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% Change
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% Change
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% Change
|
|
LME Aluminum
|
0.8
|
-1.2
|
-0.6
|
-2.3
|
|
LME Copper
|
-3.2
|
-1.9
|
-0.1
|
-8.1
|
|
LME Lead
|
-1.5
|
-0.8
|
2.3
|
-5.4
|
|
LME Nickel
|
4.0
|
2.2
|
6.2
|
9.0
|
|
LME Zinc
|
-0.3
|
1.0
|
5.6
|
-0.6
|
|
LME Tin
|
-2.3
|
1.7
|
6.5
|
4.3
|
|
MCX Aluminum
|
-0.1
|
-0.6
|
2.7
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-4.1
|
|
MCX Copper
|
-4.9
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-1.6
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-0.2
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-10.3
|
|
MCX Lead
|
-2.7
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-0.7
|
0.5
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-7.4
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MCX Nickel
|
3.4
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1.9
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4.0
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7.0
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MCX Zinc
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-3.5
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2.9
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6.4
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-2.7
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(By Commoditiescontrol Bureau; +91-22-61391530)
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