MARKET ROUNDUP
Copper ended little changed on Tuesday, as sentiment remained upbeat and prices held near 13-1/2 month highs, despite a rebound in the dollar and another large build in inventories. Nickel, aluminum, lead and Zinc traded mix too.
IN FOCUS
- Current demand for copper remains lackluster. Latest data showed
LME copper stocks jumped 3,550 tonnes to total 410,000 tonnes, their highest since late April.
- Depressing prices, China's state-backed research group Antaike said growth of real nickel consumption was expected to slow to 5.1 percent next year after a 37.6 percent surge this year as the stainless steel market digests stocks.
- Antofagasta Minerals, the mining arm of Antofagasta, is on track to meet its 2009 copper output target of 445,000 tonnes, its chief executive told Reuters on Tuesday.
- Chile's influential mining association, Sonami, sees copper prices averaging $3 a lb in 2010 compared to an expected $2.30 a lb this year as the world economy recovers from the worst of the crisis, the group's head of studies said on Tuesday.
- Chile's Codelco, the world's top copper producer, sees its annual output up 40 percent to 2.15 million tonnes in 2018 thanks to the expansion of key mines, a local daily reported Monday, citing a company executive.
- Polish miner KGHM Europe's No. 2 copper producer, expects to boost 2010 production above the 502,000 tonnes forecast for this year, its chief executive said on Tuesday.
- KGHM, Europe's No. 2 copper producer, expects to sell more than 119,000 tonnes of the metal in the fourth quarter at an average price above $6,000 per tonne, a company official said on Tuesday.
- Peru's mining and energy minister said on Tuesday he expects the country's copper output to rise 1 percent this year versus last year.
FUNDAMENTAL OUTLOOK
Upside in Base metals might be capped today's trading session due strengthen of Dollar in eraly trade session, and later on in the day we may witness some profit bokking in the complex
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