Base MetalsBase metals on the LME apart from Aluminum traded on a positive note yesterday taking cues from upbeat global market sentiments that boosted demand. Also, decline in inventories acted as a positive factor.
Base metals gained in the range of 0.5 – 1 percent with Nickel and being the biggest gainers in the group with a rise of 0.8 percent.
In the Indian markets, base metals traded on a positive note but Rupee appreciation capped sharp gains.
Copper
LME Copper prices gained around 0.5 percent yesterday on the back of rise in risk appetite in the markets that boosted demand for the red metal. Further, decline in LME copper inventories by 1 percent to 296,025 tonnes supported gains in the metal.
The red metal touched an intra-day high of $7206.5/tonne and closed at $7185/tonne on Monday.
In the Indian markets, copper prices rose around 0.4 percent but Rupee appreciation restricted sharp positive movement. MCX Copper prices closed at Rs.447.60/kg after touching an intra-day high of Rs.450.65/kg on Monday.
Outlook
We expect base metals prices to trade on a mixed note today taking cues from expectations of mixed economic data from the US and Euro Zone. Also, mixed global market sentiments will act as a negative factor.
While on the other hand, weakness in the DX will support an upside in the prices. Additionally, estimates of rise in Euro Zone economic sentiments will act as a positive factor.
In the Indian markets, Rupee has depreciated which will support an upside in the prices.
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ReplyDeleteTata steel was going down from November the month of demonetization but now after new year it is expected to rise to its normal values. This will impact steel shares. Being a Researcher at epic research I would suggest to understand the market well before investing
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