MARKET ROUNDUP
Industrial Metals futures edged lower on Monday evening weighed by strong dollar overseas and weak fundamentals.
IN FOCUS
- Power supplies to Zambia's copper and cobalt mines in the Copperbelt and Northwestern provinces have stabilized allowing companies to ramp up operations, the president of the Chamber of Mines of Zambia told Dow Jones Newswires Monday.
- Japan's production of flat-rolled aluminum mill products in April fell 6% from March, but was up 34% from a year earlier, at 113,780 metric tons, according to preliminary data from the Ministry of Economy, Trade and Industry released Monday.
- Japan's zinc production in April rose 4% from a month earlier to 43,690 metric tons, according to preliminary data released Monday by the Ministry of Economy, Trade and Industry.
- Japan's copper cathode inventories fell 16% in April compared with March, to 34,168 metric tons, according to preliminary data released Monday by the Ministry of Economy, Trade and Industry.
- Australia's government does not expect to reach a quick agreement with mining companies on its proposed 40 percent mining-profits tax, Australian Prime Minister Kevin Rudd said on Tuesday.
- The US$1.37 billion Ramu nickel project operated by Ramu NiCo Management (MCC) Ltd. in Papua New Guinea is on schedule for launch by the end of 2010, industrial website Shanghai Metal Market said Friday, citing the company's president.
- Global miner BHP Billiton and Japanese steelmakers have agreed on a 12.5 percent hike in the price of coking coal for the July-September period from the previous quarter, an industry source said on Tuesday.
FUNDAMENTAL OUTLOOK
Industrial Metals are trading down on international bourses when trade resumed after a bank holiday, trailing losses in Shanghai and weighed down by warnings from the European Central Bank and China about economic recovery. We expect Copper to open Rs. 2/kg down on MCX; selling on rise is recommended.
豫公网安备41010502003434号