MARKET ROUNDUP
Industrial metals extended their losses in the last trading session, after surprisingly strong U.S. economic data failed to halt the bearish impact this week from a stronger dollar and tighter monetary policy in China. Copper, which is used in construction and power, suffered their worst monthly losses since December 2008.
IN FOCUS
- Zambia's Konkola Copper Mines (KCM), a unit of London-listed Vedanta Resources Plc, plans to build a $170 million copper plant with an annual output of 50,000 tonnes, it said on Friday.
- India's copper demand will rise 7 percent this year, fed by strong growth in the power, automobile, construction and infrastructure sectors, but rising output will help exports jump, the head of a leading producer said on Friday.
- Deliverable copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 4 percent from one week earlier, while deliverable aluminium inventories rose 2 percent, the exchange said on Friday.
- Primary aluminium production in China rose to 1.331 million tonnes in December last year from 1.327 million tonnes in the previous month, an industry report showed on Friday.
- U.S. aluminium producer Alcoa Inc <AA.N> said it plans an orderly shutdown of its two Italian smelters by Feb. 6, despite government efforts to find energy at a competitive price.
- Norilsk Nickel, the world's biggest nickel and palladium producer, said on Friday it had raised its nickel output forecast for this year to 299,000-309,000 tonnes from a previous outlook of 300,000 tonnes
FUNDAMENTAL OUTLOOK
Industrial metals are trading weak on international bourses despite of stronger GDP numbers reported by the US. We expect industrial metals to open weak today, later in the session have the PMI numbers to be released by the Euro Zone and US. Any better than expected numbers will result into some risk-appetite in the market thus limiting the downside in industrial metals.
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