Industrial metals (copper, aluminium, nickel, etc.) daily review (March 10, 2010)

MARKET ROUNDUP

Industrial metals were little changed in late business on Tuesday as they continued to consolidate after last week's sharp gains and remained well supported by improved demand prospects reflected in falling inventories.

IN FOCUS

- China's February imports of unwrought copper and semi-finished copper products rose 10.3 percent on the month to 322,282 tonnes, data showed on Wednesday. Analysts and traders had expected imports of copper and semi-finished copper products to be flat with or slightly lower from a month ago at about 282,000 tonnes in February.

- CHINA FEB UNWROUGHT ALUMINIUM EXPORTS 28,117 T VS 45,494 T IN JAN - CUSTOMSCHINA FEB COPPER IMPORTS, INCL SEMIS, 322,282 T, VS 292,096 T IN JAN

- CUSTOMSCHINA FEB UNWROUGHT ALUMINIUM IMPORTS 64,356 T VS 97,633 T IN JAN - CUSTOMSCHINA FEB COPPER SCRAP IMPORTS 280,000 T VS 337,443 T IN JAN - CUSTOMSCHINA FEB ALUMINIUM SCRAP IMPORTS 170,000 T VS 253,398 T IN JAN - CUSTOMS

- Russian nickel and copper exports rose in January this year from a year ago, both in tonnage and value, but aluminium export volumes and their value declined, according to customs data seen by Reuters on Tuesday. The government lifted a 5 percent export tariff on copper cathodes and nickel from February 2009 to help major miner Norilsk Nickel and other producers of the two metals hit by the global economic crisis.

- Two of Chile's largest ports, which export copper and other cargo from the world's leading copper producer, are operating at near full capacity a week after a massive earthquake damaged some of the facilities.

- Iron ore prices are headed as much as 35 percent higher this year and will likely pressure the profit margins of steel companies, Tata Steel Ltd Vice Chairman B. Muthuraman said on Tuesday.

- Troubled metals producer Doe Run Peru said on Tuesday it does not know when it will restart its La Oroya smelter, which has been shut down for nine months, despite reaching a financial deal last week to resume operations.

- A jump in steel prices at the start of 2010 looks hard to sustain as growth in global demand remains weak, industry officials and traders said at an Arab steel conference in Morocco.

FUNDAMENTAL OUTLOOK

Industrial metals are trading a tad higher on international bourses. Outlook for industrial metals is sideways to up for the day on the back of China's robust import and exports numbers beating industry expectations to a great extent. Nickel and copper in particular looks strong for the day.