MARKET ROUNDUP
Industrial metals futures ended positive, as a euro rebound against the dollar lifted most commodities while concerns lingered about power supplies to Chile's copper mines after Saturday's earthquake.
IN FOCUS
- The Brazilian division of steelmaker ArcelorMittal is resuming operations of an iron mine rented to mining giant Vale in 2004, ArcelorMittal said Tuesday, as soaring iron ore prices make the business increasingly attractive.
- The biggest copper deposits and key exporting ports in Chile's far north werre unaffected and other mines near the capital Santiago were resuming operations this week.
- Stable power supply returned on Tuesday to key Chilean copper mines, which resumed normal operations after a massive weekend earthquake hit the top producer of the metal, but key oil refineries remained shut.
- Guarded optimism surrounds expectations for a 2012 recovery in the U.S. steel industry, as much will depend on how firm the recoveries are in the construction and automotive sectors of the economy.
FUNDAMENTAL OUTLOOK
Industrial metals are trading a tad lower on international bourses after posting handsome gains overnight. Today we have retail sales and PMI numbers to be released by the EZ and ISM non manufacturing numbers, any positive surprise in these numbers is likely to support industrial metals prices. Nickel in particular looks extremely strong for the day.
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