The base metals complex traded lower on the LME on Monday with nickel being an exception. Rising tensions with respect to Europe’s and US debt issues coupled with weak sentiments in the global markets exerted pressure on prices.
In addition to this, a stronger dollar also acted as a negative factor for the metal prices yesterday. However, depreciation in the Indian Rupee cushioned further losses on the Indian platform on Monday.
Nickel
Nickel was the only base metal to witness rise in yesterday’s trade. The metal rose around 0.3 percent on the LME and around 1.2 percent on the MCX on Monday. Nickel inventories declined sharply by 1 percent to 83,940 tonnes on the LME warehouse yesterday.
China’s refined copper imports rose 74pct (y-o-y) in October According to the data from the General Administration of Customs, China's imports of refined copper increased sharply by almost 74 percent(y-o-y) to reach the level of 295,341 tonnes in the month of October and on a monthly basis, imports rose 7.2 percent in October from the previous figures of 275,499 tonnes in September.
China’s export for refined copper declined by almost 80 percent (y-o-y) to 322 tonnes in October, while the metal exports rose sharply by 516 percent (y-o-y) to 153,912 tonnes in the first ten months of 2011.
Courtesy: Angel Commodities
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