14 Jan 2012:
Lower intake of end users has resulted in the jump
of weekly Aluminium inventories reported on Friday. The
overall inventory levels are now at 226927 tons on 13
Jan 2012, up 5303 tons from 221624 tons on 6 Jan 2012.
China is approaching its Lunar New Year and due to these
physical markets is witnessing lower demand and more
spotlight is on stocking the material in the warehouses.
China is a major Aluminium consumer in the world, with
total demand expected to be 19 million tons in 2011
while a further jump towards 21.3 million tons is
expected in the year 2012. Total world demand is
expected to improve to 47 million tons in 2012 as per
World major ALCOA.
13 Jan 2012:
Copper initiated the Friday session on a weak note
but has managed to overcome all the losses. The prices
of LME three month forwards are being traded at $ 8020
per ton as we report. A base has been formed in Copper
prices as of now due to easing tensions and discounted
negative news. Support from declining Dollar is also
adding to the gains. Dollar quoted at 1.2858 against the
EURO, down 50 pips. Shanghai Copper most traded March
contract was at 58160 yuan per ton, up 1110 yuan. In
Indian markets, trend was negative because of the fact
that Rupee was in a positive trajectory against the
greenback. Rupee now trades at 51.38 per Dollar, up 30
pips.
4 Jan 2012:
Copper demand may climb as government power and
construction projects are revived in the last quarter to
meet deadlines for the financial year ending March 31.
The rise in manufacturing indexes in China and India and
an increase in confidence among US consumers last month
are likely to boost sales of metals, including copper.
AXG Mining is very close to the completion of the
acquisition of Halston Exploration, which holds the
rights to earn up to a 75% interest in two southern Peru
properties prospective for copper and gold, with the
company now proceeding to settlement. Peru is widely
considered one of the best mining jurisdictions in the
world ranking third globally in copper production,
fourth in the world in molybdenum production and is
Latin America's largest producer of gold.
3 Jan 2012:
Non ferrous metals space compiled positive green
moves after the New Year holidays due to strong
manufacturing numbers from China. The rally was also
following a weak yearly closing for most of the non
ferrous metals that made them potential candidates for
some bounce in rebalancing. Amid the relief rally in the
metals, a space that has been watched out for all the
more carefully is realty segment in China. It has been
noted that the property prices in most of Chinese cities
are going down. They haven't collapsed yet but the trend
is towards south. Recently in South China it has been
noted that the prices of property in Guangzhou region
have come down by 5000 yuan in December. The total
residential units sold in the month of December were
5132; this was up by 10% from 4650 units in November.
Even after the rise of volumes the prices remained
showing downtrend. There have been substantial cases of
prices reduction in the region. A drop down in prices is
expected to continue in coming days.
8 Dec 2011:
Under a range in last few days Copper has been a
dull commodity off late. Limited buying and selling has
impacted the overall volumes of the red metal. However
the likely hood of trigger based buying in Copper on
Thursday cannot be ruled out. Copper has been in the
range of 413-403 per kg since 1 Dec 2011. The trigger
for the rise from lower levels in Copper will be the
interest rate decision by European Central Bank that is
due today. If ECB decides to cut the interest rates it
will give support to the metals that are finding
difficult to get any positives from European economies.
LME Copper on Wednesday was up by $ 43 per ton to end
the second ring session at $ 7835 per ton. On Thursday,
the prices have opened on a positive note with Copper
forwards up by a marginal 0.12%. Volatility is expected
to extend once European markets set to open. Copper
inventories have been up by 3% in 2011, to 389450 tons.
The world markets for Copper are expected to remain in
deficit in the year 2011 and 2012. The total deficit as
estimated by International Copper Study Group (ICSG)
would be 200000 tons and 250000 tons in 2011 and 2012
respectively.
The China Shandong government, will push ahead with the
reform of optimizing and adjusting industry distribution
while establishing high quality steel base and low
carbon economy demonstration along the coastal area. By
the end of 2015, the government will try to limit local
steel output to 50 million tons, increase the proportion
of steel-making capacity in the coastal region to more
than 43 percent relative to total output, and that of
high-end steel items to over 30 percent. The number of
local steel mills will be reduced to five or six from
today's 21.
24 Oct 2011:
World Copper markets showed a balance of 18000 tons
surplus for July 2011. After making seasonal adjustments
the refined Copper markets were in surplus of 39000
tons. Apparent refined Copper for the period of Jan-July
2011 showed a production deficit of 118000 tons,
compared to a seasonally adjusted surplus of 128000
tons. In Jan-July 2010 the production surplus was 329000
tons. The refined Copper production for the first 7
months stood 11.23 million tons, as against 10.98
million tons compared to a corresponding period previous
year, up 2.2%. The total primary production stood at
9.18 million tons in Jan-July 2011, as against 9.13
million tons in Jan-July 2010. Refined Copper production
increased 32% in Australia, 30% in Congo and 15% in
China.
World refined Copper usage stood at 11.34 million tons
in Jan-July 2011, compared to 11.31 million tons in
Jan-July 2010. World refined Copper usage in China
increased by 4%. Japan usage was down by 2%. On a
regional basis, usage grew by 6% in Africa, 0.1% in the
Americas, 10% in Europe, and 13% in Oceania, and
declined by 3% in Asia. Mine production of Copper stood
at 9.09 million tons in Jan-July 2011, compared to 9.06
million tons in Jan-July 2010. Concentrate production
grew by 0.1% and solvent extraction-electrowinning (SX-EW)
by 0.9%. Production at three of the world's four leading
producers (Chile, Peru and the United States), that
combined account for one half of the world's production,
was down by an aggregated 3.6%. However, production in
China, currently the second leading producer, was up by
10%. On a regional basis, mine production increased by
3% in Africa, 3% in Europe, and 13% in Oceania, but
decreased by around 0.5% in the Americas and 4% in Asia.
The average mine capacity utilization rate for the first
seven months of 2011 of 77.2% was 1.9% lower than that
in the same period of 2010.
18 Oct 2011:
Base metals are expected to open lower on Tuesday,
18th October amid the bleak data from the China
signaling slowest pace of growth in the economy coupled
with fading hopes of getting a definitive solution to
European debt crisis. The fresh worries emerged out of
Europe on statements given by the key European officials
from Germany overshadowing the G-20 summit vow to unveil
a comprehensive plan by Oct 23 led the metals to close
mostly lower yesterday on Monday, 17th October. German
Finance Minister Wolfgang Schaeuble said that the
forthcoming European Union summit isn't a solution to
the euro-zone debt crisis. Further sentiment soured
after German Chancellor Angela Merkel said it will be
impossible to resolve every sovereign-debt problem at a
euro-zone summit.
Meanwhile, the weak increase in US industrial production
by 0.2% for the month of September after remaining
unchanged in August exacerbated the investor's fears
about the stagnant growth in the world's largest
economy. US Capacity Utilization edged up 77.4% in
September following the same result in August and
slightly above the expectations of 77.2%. The dollar
index surged by 0.79% at 77.19 against the basket of 6
major traded peers as the growing fears of global
economic growth slowdown enforcing the investors to flee
away from the risky assets and stay on safe haven
dollar.
In overseas market at Comex, Copper futures for most
active December contract settled at $3.378 a pound, down
0.89% or 3 cents compared to the previous day that ended
at $3.4085 a pound. At LME, the Three-month-delivery
copper on the London Metal Exchange ended higher by $49,
or 0.65% at $7569 a metric ton. Copper inventories on
the LME warehouse rose by 1450 tonnes from previous day
to close at 451650 tonnes. Among other traded metals at
LME , lead in London depreciated by 0.29% at $2,022 a
ton and nickel weakened by 0.27% to $18,750 a ton.
Aluminum ended higher at $2,226 a ton, up 1.14% and zinc
shed by 0.27% to end at $1,919 a tonne.
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