Unexpected increase in the US unemployment claims and weak manufacturing data from China exerted downside pressure on the base metals complex on Thursday, except aluminium.
Additionally, rising worries over Euro Zone debt issues and weak sentiments in the global markets also acted as a negative factor for the metals yesterday. However, weakness in the US dollar resisted further decline in prices.
Nickel
Nickel was the worst performer on Thursday, as the metal prices slipped sharply by 3.5 percent on the LME. Continuously rise in the nickel inventories acted as a negative factor for prices.
On a week-on-week basis, nickel inventories rose almost 3 percent to 91,074 tonnes on 1st December 2011. Stocks increased more than 5 percent in the month of November from the previous level of 87,042 tonnes on 31st October2011.
Chile’s copper output increased by 1 pct (y-o-y) in October Copper production from the Chile rose around 1 percent (y-o-y) to 466,822 in October. On a monthly basis, output has increased by 6.9 percent in October as compared to 436743 tonnes in the month of September. Chile produces around onethird of the world’s copper.
Courtesy: Angel Commodities
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