Industrial metals prices dipped yesterday, giving up
some gains from the previous session when it hit two-week highs, as some
traders locked in profits and other investors remain concerned about
sluggish demand amid weak Chinese imports.
South Korea is seeking 2,000 tonnes of copper for September arrival via a tender, the state-run Public Procurement Service said on its website
Chinese copper smelters are set to cash in on the closure of India's top smelter by raising production in the current quarter to benefit from higher treatment and refining charges for raw material concentrates.
The spread between cash copper on the LME and the spot Shanghai market in March widened to the best arbitrage opportunity for imports since late 2011, prompting investors and end-users to move refined copper in bonded warehouses in Shanghai into the domestic market.
Top global copper producer Codelco's massive mines returned to normal operations on Wednesday morning after the end of a 24-hour companywide strike to demand improved job security and better safety, Mining Minister Hernan de Solminihac said.
Nickel stocks held in the London Metal Exchange (LME) warehouse system hit a fresh all-time high of 167,700 tonnes on Tuesday.
Fundamental Outlook: Industrial metals prices are trading a tad higher on international bourses today. We expect a further rise in the prices of metals on account of positive New loans data from China. This may lead to an expectation of higher growth in Chinese economy thus supporting the prices of Industrial metals(http://www.moneycontrol.com/news/brokerage-recos-commodities/industrial-metals-may-rally-further-nirmal-bang_850976.html)
South Korea is seeking 2,000 tonnes of copper for September arrival via a tender, the state-run Public Procurement Service said on its website
Chinese copper smelters are set to cash in on the closure of India's top smelter by raising production in the current quarter to benefit from higher treatment and refining charges for raw material concentrates.
The spread between cash copper on the LME and the spot Shanghai market in March widened to the best arbitrage opportunity for imports since late 2011, prompting investors and end-users to move refined copper in bonded warehouses in Shanghai into the domestic market.
Top global copper producer Codelco's massive mines returned to normal operations on Wednesday morning after the end of a 24-hour companywide strike to demand improved job security and better safety, Mining Minister Hernan de Solminihac said.
Nickel stocks held in the London Metal Exchange (LME) warehouse system hit a fresh all-time high of 167,700 tonnes on Tuesday.
Fundamental Outlook: Industrial metals prices are trading a tad higher on international bourses today. We expect a further rise in the prices of metals on account of positive New loans data from China. This may lead to an expectation of higher growth in Chinese economy thus supporting the prices of Industrial metals(http://www.moneycontrol.com/news/brokerage-recos-commodities/industrial-metals-may-rally-further-nirmal-bang_850976.html)
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