Adamant sellers of Copper have resisted any chances of the bottom fishing in the commodity. The prices have come down sharply on account of profit booking from technical levels and cash strapped traders tried to sit on cash.
Chinese traders remained pretty dormant in the markets and inventories data suggested that the offtake remained lower throughout the week. Shanghai inventories increased by 42101 tonnes to 471652 tonnes on 21 Feb 2013. LME inventories data showed a rise of 4100 tonnes in a single day today and inventories have reached 424350 tonnes.
In economic report, Germany's Ifo business climate rose more-than-expected last month, data showed on Friday. In a report, the Ifo Institute for Economic Research said its index of German business climate rose to 107.4, from 104.3 in the preceding month whose figure was revised up from 104.2.
LME three months Copper forwards was last seen trading at $ 7872 per tonne, down from $ 7874 per tonne on Thursday. MCX Copper February expiry contract was trading at Rs 426 per kg, down 0.6%. MCX Copper tested a high of Rs 431.6 and a low of Rs 426.1 per kg.
Nickel three month forwards were trading at $ 16798 per tonne, down from $ 16840 per tonne on Thursday. MCX Nickel was trading at Rs 908 per kg, down 0.5%. The prices tested a high of Rs 925.8 per kg and a low of Rs 906.7 per kg. China imported 772000 tons of stainless steel products, decreasing by 14.32% and the country exported 2.064 million tons of stainless steel products, falling by 8.06%, both compared to those in a year ago.
Source by Commodity Insights
No comments:
Post a Comment