LME Copper three month prices slipped below $ 7000 per tonne on account of anxiety in international markets relating to demand. The European car sales data that declined for the 18th consecutive month coupled with downward revision of Aluminium prices by UC Rusal dented markets further. LME Copper prices were trading at $ 6995 per tonne on Thursday, down from $ 7090 per tonne.
European new car registrations declined by 10.2 percent to 1.307 million vehicles from last year levels. Data from European Automobiles Association said that the biggest decline in car markets was in Germany where car registrations declined by 17.1 percent followed by France where itr was down by 16.2 percent. For the first quarter of 2013 as a whole, new car registrations across the 27-member European Union fell by 9.8 percent, to 2.989 million vehicles.
Meanwhile, United Co. Rusal has cut forecast for aluminum prices to $ 2100- $2200 a metric ton for the year 2013 compared to earlier estimates of $ 2200-2300 per tonne. Rusal has said global markets have been dragged down by record-high inventories and that around 1.5 million tons of supply needs to be cut before the situation stabilizes. The company has said global aluminum output is forecast at 50 million metric tons this year, so about 3% of supply must be shuttered.
Inventories data released today showed that the Aluminium and Copper stocks increased by 6100 tonnes and 3825 tonnes respectively. Copper stocks have reached 612350 tonnes while Aluminium stocks are at 5194575 tonnes.
In a separate report by World Bureau of Metal Statistics (WBMS), said that World copper markets were in surplus of 76200 tonnes in the month of February 2013, as compared to a surplus of 52800 tonnes in January 2013. Copper was in surplus of 34000 tonnes in whole of 2012.
Refined Production of Copper was 1.643 million tonnes in February 2013, compared to 1.68 million tonnes in January 2013. Production of refined copper in Jan-Feb 2013 was 3.32 million tonnes, compared to 3.26 million tonnes in Jan-Feb 2012. Indian refined copper production in Jan-Feb 2013 was 111800 tonnes compared to 121100 tonnes in Jan-Feb 2012.
World refined copper consumption was 3.19 million tonnes in first two months of the year compared to 3.32 million tonnes in Jan-Feb 2012. Chinese refined copper consumption was 1.31 million tonnes in Jan-Feb 2013, compared to 1.42 million tonnes in Jan-Feb 2012.
Multi Commodity Exchange (MCX) Copper was trading at Rs 376 per kg, down 1.3 percent. The prices tested a low of Rs 368.8 per kg in the day. Supports for the contract are at Rs 368 and 365 per kg levels.
Aluminium was trading at Rs 101.7 per kg on MCX, up 0.10 percent. The prices tested a high of Rs 102 per kg and a low of Rs 106.4 per kg so far in the day. LME Aluminium was trading at $ 1901 per tonne, up $ 14 per tonne from last night.
Source by Commodity Insights
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