MARKET ROUNDUP
Industrial metals prices traded mixed yesterday, as investors worried about the global economic outlook after disappointing U.S. consumer confidence data released in the last session. Nickel was an outperformer in this complex with prices gaining more than 1% in yesterday's trading session.
IN FOCUS
- China's imports of refined copper fell to 196,926 tonnes in January from 244,013 tonnes in December, while primary aluminium imports fell to 40,059 tonnes from 42,106 tonnes, customs data showed on Wednesday.
- Global miner Anglo American said Monday it expects to nearly double its output to 1.2 million tonnes of copper by 2017.
- The Indonesian unit of Freeport McMoran Copper & Gold Inc <FCX.N> said on Wednesday it is would sell more copper concentrate to a local smelter as required by a new mining law, but that talks with the smelter have stalled.
- The specialists of British Roskill Information Services believe that global nickel consumption can increase by 7% in 2010.According to their forecasts; the growth of nickel demand will be caused by stainless steel world production volume, which can reach 27 million tonnes in 2010 and almost 30 million tonnes in 2011.
- Chinese fundamental demand for copper is growing at a faster-than-expected rate and should underpin higher-than-consensus prices this year and next, Desjardins Securities said.
FUNDAMENTAL OUTLOOK
Industrial metals prices are trading steady on international markets. In the evening session we have the durable goods orders data to be released by the US. Any better than expected data released will further support the prices of industrial metals. Copper and Nickel looks strong for the day.
豫公网安备41010502003434号