The base metals pack traded on a mixed note on the LME in yesterday’s trading session with copper, aluminium and zinc traded in the green while nickel and lead ended in the red.
Positive economic data from the US coupled with upbeat sentiments in the global markets helped base metals to trade higher on Wednesday.
Copper was the top performer on Wednesday, as the metal rallied by 2.7 percent on the LME and by 4.3 percent on the MCX. Copper inventories declined almost 0.5 percent to 437,425 tonnes on the LME warehouse yesterday which acted as a supportive factor for prices.
Japan’s output of rolled copper down to 70,092t in September On a year-on-year basis, Japan’s output of rolled copper products declined by 6.8 percent and fell to 70,092 tonnes in September on a seasonally adjusted basis. It shows a drop of 0.7 percent in September from August. The Japanese demand for copper has declined because of gauge of economic activity and financial crisis. Demand from car makers increased for first time in 12 months but orders from chip and electronics manufacturer remained weak.
Western countries unwrought aluminium stocks 1.414mn T in September
Western countries unwrought aluminium stocks declined to 1.414 million tonnes in September as against 1.486 million in August. As per the International Aluminium Institute (IAI) report, unwrought stocks stood at 1.289 million tonnes in September 2010. Total aluminium smelter stocks excluding finished end-products dropped to 2.539 million tonnes in September 2011, as compared to 2.666 million in August 2011 and 2.381 million tonnes in September 2010.
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Base Metals Witnesses Volatile Trend
Published 10/27/2011, 09:56 AM
Updated 05/14/2017, 06:45 AM
Base Metals Witnesses Volatile Trend
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