Copper......
China Copper imports declined in the month of March but the traders
have continued to ignore the fact in early Asian trades. LME Copper
prices are up by $ 76 per tonne at $ 7592 per tonne on Wednesday. Even
as Asian Development Bank raised the forecast of China GDP to 8.2
percent from 8.1 percent earlier, China has shown rise in trade deficit.
The General Administration of Customs reported that the China exports
increased by 10 percent in March on a yearly basis while imports
increased by 14.1 percent.
The whole metals pack can move down as
the day progresses considering decline in Chinese import capacities of
metals. The drawdown in imports is due to slackness in demand and heavy
stockpiles in the warehouses. China Copper and Copper products imports
declined by 31 percent to 319603 tonnes in March. Meanwhile, cumulative
imports of Copper were 967632 tonnes in between January-March 2013, down
29 percent.
Markets are expected to turn focus on Federal
Reserve minutes going forward. This will give the signal on which way
the quantitative easing programmer will shift. Loose monetary policy
will aid the metals while any suggestion of withdrawing treasury buying
early will derail the metals.
Dollar was static at 1.3086 against
the Euro. In last few days, greenback has been in pressure against the
European counterpart. Dollar has broken 1.5% of its value in one week.
Indian Rupee was seen at 54.47, up 0.24 percent against the Dollar. The
rise in Rupee will create friction in the opening elevation of Copper
and other metals.
Indian Copper futures on MCX platform, ended at
Rs 414.5 per kg, up 1.6 percent on 9 April 2013. The prices are
resisted at Rs 415.5 and 416.5 per kg. Supports for the contract are at
Rs 411.5 per kg. Among other metals, galvanizing material Zinc closed at
Rs 103.7 per kg, up 1 percent.
Source by Commodity Insight
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