Except aluminium, all other base metals traded lower on the LME in the last week. Mixed sentiments in the global markets due to worries over political tensions in Italy affected the prices.
Dollar weakness did not provide any respite to the metal prices last week.
Aluminium
On a weekly basis, aluminium prices rose around 1.7 percent on the LME and by 2.2 percent on the MCX. Aluminium production is an energy-consuming process and rise in crude oil prices led to rise in aluminium prices too.
Crude oil prices surged more than 5 percent in the same week. Additionally, a weaker dollar also provided further support.
SHFE to increase trading margins for copper and aluminium The Shanghai Futures Exchange (SHFE) will increase trading margins for copper and aluminium future contracts by one percentage each to 9 percent and 7 percent respectively.
This rise will be effective from 16th November 2011. The exchange stated that the daily upward and downward trading limit for aluminium would be widened to 5 percent from the current 4 percent.
US copper imports up 13.5 pct (y-o-y) in Jan-Sep of 2011 Copper imports in the US surged almost 99 percent to 64,327 tonnes in September as against 32,334 tonnes in August, according to the data from the United States International Trade Commission. The country’s imports increased 13.5 percent from a year ago in the first nine months on the current year.
Courtesy: Angel Commodities
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