Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang

Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang     Industrial metals traded mixed on Tuesday but settled slightly up except Copper which remained unchanged after supportive buying from China waned as the world's top metals consumer neared a holiday period, and mixed economic data from the United States failed to inspire.

Data from the Conference Board showed U. S. consumer confidence index fell to 53.1 in September, from an upwardly revises 54.5 in August. Weak consumer confidence data offset by better-than-expected housing data showing improvement in U. S. home price index for sixth straight month.

Codelco, the world's biggest copper producer, said on Tuesday it will keep a copper price surcharge on its European clients in 2010. The premium will stay at $80 per tonne next year, the Santiago-based company said.

Swedish miner Boliden said on Tuesday it was ramping up zinc production at its smelters with the aim of reaching full capacity by the end of the third quarter.

A Russian government commission said on Tuesday it had recommended a 5 percent nickel export duty on Dec 1.

Industrial metals are expected to remain subdued early in session on slack Chinese participation ahead of week-long holiday starting on Thursday. However, Q2 GDP and Chicago PMI numbers from the U. S. in the evening may give some direction to metals.