MARKET ROUNDUP
Industrial metals finished last trading session with healthy gains with exception to nickel, after dropping below key psychological support, as dollar declines, U.S. stock market gains, and better-than-expected manufacturing sector data all boosted the industrial metal, traders said.
IN FOCUS
- The world's largest nickel and palladium producer announced that it hopes to see palladium output reach between 2.830 million ounces and 2.835 million ounces this year. Norilsk also noted that nickel output was 282,894 tonnes in 2009, close to the previous estimate of 285,000 tonnes but down on a restated figure of 300,600 tonnes in 2008.
- Zambia's largest mineworkers' union said on Monday it had agreed on wage increases with some of the country's top mining firms, averting possible strikes by workers that would have dented output.
- China's copper imports will fall by 1 million tonnes this year, but rising demand from other nations will counter that decline, ensuring strong prices, a Barclays Capital analyst said on Monday.
- Bloomberg reported that zinc exports from Japan may drop by 33% in 2010 after reaching a record this year as domestic demand rises from the lowest level in more than 3 decades.
- Prim Tass reported that Rusal decreased aluminium output by 10% in 2009 to 4 million tonnes comparing with 2008. At the same time Russian aluminium giant keeps the world aluminium leader status. The company's share in global market is 11%. Alumina output in 2009 decreased by 31 % to 7.8 million tonnes. About 5.8 million tonnes were delivered to Rusal's Mills; the rest of the volumes were sold at external markets.
FUNDAMENTAL OUTLOOK
Industrial metals too have started the day on a positive note. Outlook for industrial metals are sideways to up for the day. Today we have Germany retail sales, US Pending home sales and US all Car sales number to be released in the afternoon and evening session; any positive outcome for the same will support industrail metals prices during the day.
豫公网安备41010502003434号