Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

Copper WireCopper prices rose in London and Shanghai on Wednesday (0830 IST), buoyed by positive U. S. purchasing manager data and comments by Federal Reserve Chairman Ben Bernanke that markets are in "far better shape" now than last year.

LME copper stocks fell 3,775 tonnes to 394,925 tonnes, their lowest since mid-January. The ration of material scheduled for delivery out of inventory dropped to 79,450 tonnes, down from 83,100 tonnes at the end of last week.

Blackstone Ventures Inc. has received National Instrument mineral resource estimates from Reddick Consulting Inc. on its Ror (Rormyrberget), Lainejaur and Lappvattnet nickel-copper sulphide deposits in Sweden.

Total Inferred Resources of 8.2 million tonnes with 90.6 million lbs of contained nickel and 19.6 million lbs of contained copper.

Base metals are expected to trade sideways to down on profit taking except zinc and Aluminum. Copper also we believe may not go below Rs. 225/KG.