LME base metals took a toll, suppressed by the Greece backdrop. On Chinese trade front, imports of unwrought Copper and semi-finished copper products fell to 413,964 tons in January after a monthly record of 508,942 tons in December 2011.
Imports of unwrought aluminum and semi-finished products also fell to 92,106 tons in January after a 31.9% monthly rise in December 2011.
On demand front, Researcher Antaike has projected China’s refined consumption to rise 6.4% to 7.85mn tons in 2012, compared with growth of 8.5% in 2011.
On production front, it is reported that Alcoa may shut its 190,000 ton Point Henry aluminum smelter in Australia due to relatively low Aluminium prices and high energy prices.
Courtesy: IIFL
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