Base metals ends higher US economic data

Thursday, Jan 20, 2011
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Commodity Online, Jan 19---On the fundamental front Xinjiang Xinxin Mining Industry Co Ltd the Chinese company whose 100,000 tonnes smelting capacity was rejected owing to environment issues indicated that it would take steps to meet environmental requirements. 


Aluminum was the top loser among the base metal pack as it ended down by 1.5 percent on LME and 1 percent on MCX Stocks of aluminum on London Metal Exchange warehouse declined by 3,650 tonnes thereby marking an end to rising stocks for five consecutive days. The cancelled warrant ratio though has declined it seems to be stabilizing and thereby stocks might continue to witness draw downs. Copper Copper stocks witnessed build up of 2,775 tonnes on London Metal Exchange. Stocks movements have become uneven despite strong cancelled warrant ratio. On the fundamental front Xinjiang Xinxin Mining Industry Co Ltd the Chinese company whose 100,000 tonnes smelting capacity was rejected owing to environment issues indicated that it would take steps to meet environmental requirements.


Lead Lead stocks on London Metal Exchange rose by a huge 3,150 tonnes. Lead market continues to remain in backwardation and the spot prices are trading at a premium of $31 tonne. As expected the calendar spread on MCX rose from 0.30 to 0.05. February month contract is expected to rise more than the January month and thereby the spread is expected to increase further. Nickel Nickel inventory on London Metal Exchange witnessed a huge build up of 1,464 tonnes. On the fundamental front New Caledonia home of the World s largest nickel deposits which was on alert of cyclone resumed its operations. Societe Le Nickel accounts for 5 percent of world s nickel production.


Open interest declined along with decline in prices indicating profit booking at higher levels. Zinc Zinc outperformed other base metals and thereby losses were limited. Zinc stocks on London Metal Exchange declined by a modest 50 tonnes. Cancelled warrant ratio continues to remain at 0.25 level indicating that the movement in inventory would remain on the negative side (i.e. build up might been seen). Mitsui Mining Smelting Co. Japanese largest smelter would cut output as the company plans to shut the smelter for two months in the next fiscal owing to maintenance.

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