LME base metals traded subdued, suppressed by the ambiguity on Greece bailout. However, Copper prices traded firm, underpinned by outflow of positive news from China.
Chinese government has decided to support the housing industry, the major consumer of the red metal. Chinese officials will encourage affordable-housing construction.
The housing industry constitutes nearly 40% of the copper demand in China. Moreover 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.
Meanwhile, demand for Lead in the Northern Hemisphere has been reported subdued, especially considering the prevalence of winter in Europe and US.
North American shipments of replacement automotive batteries have slipped by 2.2% in December from November.
Courtesy: IIFL
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