Last Updated : March 18, 2010 11:35
Metals likely to take direction from US equities
By Leon Westgate The Fed pledged to keep interest rates exceptionally low for an extended period last night, essentially meaning money will remain cheap. The announcement saw equities and commodities rally strongly, though the impact on the dollar has been relatively small.
The base metals have continued to climb this morning, with sporadic short covering exacerbating the gains in some of the metals. Overall, however, volumes across the complex are tame.
BHP Billiton has halted production at its Kwinana nickel refinery in Western Australia due to a lack of hydrogen. There are no details yet about lost production, with the company reportedly using the shutdown to undertake maintenance at the refinery.
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The news gave nickel an additional boost when it hit the headlines this morning; however, prices have since run out of steam after trading back above $22,000, and are currently drifting sideways heading into the afternoon.
Copper and aluminium have also run out of momentum, with copper looking to consolidate above $7,500 and aluminium struggling to push above $2,290. Looking ahead to this afternoon, the metals will likely take direction from the US equity markets.
Courtesy: Standard Bank
MCX GASOLINE 24 February 2012
contract was trading at
Rs 136.5 , up Rs. 1.35 . What's your view on it?
