The worries that China will step up further to control its property prices is letting metals to taste defeat once again. China has already tried to control the boom by setting higher mortgage rates and down payments. China consumes more than 43 percent of the world Copper that is directly getting affected by the government measures.
Having said that, Dollar was trying to corner some support for Copper and peers. US Dollar was exchanging hands at 1.2856 against the Euro, down 0.12 percent. This is also indicative of commodities becoming more attractive.
Copper Inventories that has been in constant radar of analysts showed a marginal dip towards 628025 tonnes, down 1925 tonnes. Shanghai on-warrants of Copper showed a decline of 1476 tonnes to 62153 tonnes.
LME Copper prices were at $ 7271 per tonne, down 1 percent. Meanwhile, MCX Copper June prices was trading at Rs 403.5 per kg, down 0.54 percent. The prices tested a low of Rs 400 per kg and a high of Rs 405 per kg in the day. The opening was already on a skeptical note and till the evening session prices have extended their losses.
LME Aluminium three month prices were trading at $ 1844.5 per tonne, as against $ 1863 per tonne last week. On MCX, Aluminium was trading at Rs 100.6 per kg, down 0.54 percent. International Aluminium Institute (IAI) said that the total world Aluminium production declined by 111000 tonnes in April to 3.745 million tonnes.
The total world production in March was at 3.856 million tonnes. When compared to last year the production was up by 168000 tonnes to 3.577 million tonnes from April 2012.
In another report, Japan's Ministry of Economy, Trade and Industry (METI) said that Japan's output of stainless steel products totaled 238986 tons in March, increasing by 7.2% from a month ago.
The Japan output included 105733 tonnes of chromium based stainless steel, up 6.6 percent. Meanwhile, Nickel based stainless steel production was 133253 tonnes, up 7.6 percent.
Source by Commodity Insights
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