Commodity Update

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

copperMost of the metals ended the day on a downward note taking cues from the worsening Swine flu situation and weakening demand outlook across the globe. The worst hit was nickel, shedding $575 and closing the day at a three week low of $10800 on LME .

Latest data from the International Copper Study Group (ICSG) confirmed the gloomy demand outlook. ICSG said the world copper market saw a surplus of 155,000 tonnes in January, compared with a deficit of 22,000 tonnes in January 2008.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

nickelBase metals witnessed range bound trading session and ended the day with negative bias, Copper and zinc shed more than 4% discounting the flu to snow ball into a pandemic and derail the global economy's nascent recovery.

Nickel fell by 5.4% on account of heavy selling by traders and speculators in tandem with a weakening global trend. Reduced off take by consuming industries, such as stainless makers also weighed on nickel prices.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase Metals floated higher with the equities markets and mostly ended higher than their previous close. Three month LME Copper rose by $150 to end at $4470 and the three month LME Nickel rose by $475 to finish the day at $1150.

Copper futures edged higher on Fridaytracking a fall in LME inventories. Copper stocks on the LME fell by 10,925 tonnes to 429,500 tonnes. Some traders are of the view that China's State Reserves Bureau (SRB), which bought 350,000 tonnes of copper cathode in the first quarter of 2009, could sell around 50,000 tonnes of copper to cash in on recent rallies.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase metals witnessed correction during yesterday session where most of them fell by 3-4%. Weak housing numbers coupled with rising jobless claims raised concerns about demand for non ferrous metals.

Japan's output of rolled copper products fell by a record 60 percent from a year earlier in March, data showed on Friday, illustrating the sharp collapse in industrial demand from the world's fourth-biggest consumer. Japan's output of rolled copper products fell to 32,338 tonnes in March on a seasonally adjusted basis, down 60.2 percent from a year earlier, preliminary industry data from the Japan Copper and Brass Association showed.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

aluminiumBase metals witnessed range bound trading session and ended the day with negative bias, Three-month copper on the London Metal Exchange fell $150 to $4,390 per tone and metals like Zinc and Nickel also went down sharply.

Chinese buying for stockpiling purposes had helped push copper prices higher this year touching six-month peaks last week but Beijing's State Reserves Bureau may be done buying for now, having breached its target volume and given the current price levels. The global copper market was in a surplus of

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase metals witnessed sharp gap down opening on MCX as fall in equities market on Monday triggered selling in non ferrous metals, later during the evening session speech by U. S. Treasury Secretary reduced anxiety amongst traders.

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