MARKET ROUNDUP
Industrial metals tumbled on Tuesday dropping to its lowest in about a month, moving in tandem with euro losses versus the dollar, after Standard & Poor's cut Greece's credit rating to junk status. Aluminium and Nickel were the worst hot metals in this complex.
IN FOCUS
- Japan's refined copper exports fell 17 percent in March from a year earlier to 59,869 tonnes, with China the destination for more than half of the volume, Ministry of Finance data showed on Wednesday.
- Unwrought aluminium stocks fell to 1.163 million tonnes in March, compared with a revised 1.226 million tonnes in February, industry data showed on Monday. Unwrought stocks stood at 1.552 million tonnes in March 2009, provisional International Aluminium Institute （IAI） figures showed.
- China's production of nickel pig iron (NPI) is likely to rise further in April and May due to increased capacity after hitting a record in March, which could trim demand for refined nickel, industry sources said on Tuesday.
- Japan's refined zinc exports for March fell 39 percent from a year earlier to 11,387 tonnes, with China accounting for the largest share, Ministry of Finance data showed on Wednesday.
- Inmet Mining Corp <IMN.TO> said on Tuesday its first-quarter profit rose 56 percent, helped by a strong year-overyear rise in copper and zinc prices. Copper production rose 6 percent to 21,200 tonnes, while zinc output rose 22 percent to 18,700 tonnes in the quarter.
FUNDAMENTAL OUTLOOK
Industrial metals are trading a tad lower on international bourses. We expect a further downside in the prices of industrial metals as economic worries is China and Euro Zone will pressurize industrial metals. Nickel and Copper are looking weak for the day.
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