Copper advanced on Friday as jobless claims declined in US and bottom
fishing picked up. LME three month Copper forwards was trading at $
7841 per tonne, up from $ 7790 per tonne on Thursday. China measures to
support its ailing metal industry by stockpiling in auguring well for
metals like Aluminium that was up by $ 3 per tonne, at $ 1981 per tonne.
China is picking up metals like Aluminium and Zinc for storage so that the industry gets some support. News in the China State Reserve is going to stock further 300000 tonnes of Aluminium in order to give support to the falling prices.
In currency markets, US markets ended at 1.3002 against the Euro compared to 1.2959 on 13 March 2013. Indian Rupee closed at 54.32, down from 54.30 on Wednesday. The fall in Rupee is supporting local metal prices.
In US, Department of Labor said that the initial jobless claims fell by 10000 in the week ending 10 March 2013 to reach 332000. Four week moving average of jobless claims declined by 2750 to 346750.
MCX Copper April expiry contract settled down by 0.33% to Rs 426.3 per kg. The contract tested a high of Rs 428.6 per kg and a low of Rs 425.8 per kg. Steel material Nickel was the sole gainer among the metals space and ended at Rs 932.3 per kg, up 0.9%.
The data released by National Association of Customs this week showed that the production of Nickel in the country increased by 153.5% to 51707 tonnes in February 2013. The rise in first two months of the year was 166% to 105712 tonnes.
Source by Commodity Insights
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