Copper...
Mr Finance Minister will be presenting the Union Budget. All eyes are set on the proposals from Mr Chidambaram. The commodities will be hoping that there is no transaction tax imposed on it. The anxiety is high and height of it is making Rupee recover against its rival US Dollar. Internal factors have upper hand at the moment as markets will digest only reform friendly budget that will further underpin Rupee from current levels of 53.69, up 0.32% ahead of the budget. Copper sublimed further on MCX as pressure continued even as LME Copper forwards showed recovery.
The metals have seen a continuous bashing until yesterday when all of them improved including Copper. LME Copper closed at $ 7863 per tonne, up $ 70. The metal breathed easy after assistance from Federal Reserve that the bond buying will continue. Copper is seen trading at $ 7904 per tonne on Thursday.
In Economic reports, the European Central Bank said M3 money supply in the single currency bloc rose at annualized rate of 3.5% in January, above expectations for a 3.2% increase. The U.S. Census Bureau said that total durable goods orders, which include transportation items, tumbled by a seasonally adjusted 5.2% in January, compared to expectations for a drop of 4.4%
Meanwhile, World primary Aluminium production increased by 5.7% in January 2013 compared to the similar period last year. Total reported primary Aluminium production was at 3.92 million tonnes in January 2013 as compared to 3.70 million tons in January 2012.
MCX Copper closed at Rs 428.2 per kg, down 1%. The supports for Copper is at Rs 426 and 425 per kg. Resistance for the contract is at Rs 433 per kg. LME Aluminium settled trading at $ 2016 per tonne, up $ 2.5 per tonne. MCX Aluminium settled at Rs 107.6, down Rs 1.6.
Source by Commodity Insights
Mr Finance Minister will be presenting the Union Budget. All eyes are set on the proposals from Mr Chidambaram. The commodities will be hoping that there is no transaction tax imposed on it. The anxiety is high and height of it is making Rupee recover against its rival US Dollar. Internal factors have upper hand at the moment as markets will digest only reform friendly budget that will further underpin Rupee from current levels of 53.69, up 0.32% ahead of the budget. Copper sublimed further on MCX as pressure continued even as LME Copper forwards showed recovery.
The metals have seen a continuous bashing until yesterday when all of them improved including Copper. LME Copper closed at $ 7863 per tonne, up $ 70. The metal breathed easy after assistance from Federal Reserve that the bond buying will continue. Copper is seen trading at $ 7904 per tonne on Thursday.
In Economic reports, the European Central Bank said M3 money supply in the single currency bloc rose at annualized rate of 3.5% in January, above expectations for a 3.2% increase. The U.S. Census Bureau said that total durable goods orders, which include transportation items, tumbled by a seasonally adjusted 5.2% in January, compared to expectations for a drop of 4.4%
Meanwhile, World primary Aluminium production increased by 5.7% in January 2013 compared to the similar period last year. Total reported primary Aluminium production was at 3.92 million tonnes in January 2013 as compared to 3.70 million tons in January 2012.
MCX Copper closed at Rs 428.2 per kg, down 1%. The supports for Copper is at Rs 426 and 425 per kg. Resistance for the contract is at Rs 433 per kg. LME Aluminium settled trading at $ 2016 per tonne, up $ 2.5 per tonne. MCX Aluminium settled at Rs 107.6, down Rs 1.6.
Source by Commodity Insights
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