MARKET ROUNDUP
Industrial metals futures ended lower on Wednesday, as investors continued to dump risk amid persistent debt concerns in Europe and after Germany's move to ban short-selling of some securities added to the region's uncertain economic outlook.
IN FOCUS
- Chile's giant Collahuasi copper mine said on Wednesday it lifted force majeure on copper shipments following a subcontractor protest that generated marginal losses for one of the world's top copper producer.
- The copper market recorded a surplus of 135000 tonnes in January to March 2010, which compares with a surplus of 338000 tonnes in the whole of 2009. As per the latest report from WBMS, stocks fell during March but ended the quarter 76000 tonnes higher than in December 2009.
- The Aluminium markets were in surplus of 298000 tonnes during Jan-March 2010, the report released by World Bureau Of Metal Statistics said. For the period of Jan- Feb 2009 surplus of 926 kt registered and a surplus of 739 kt in the whole of 2009.
- Industrial Bank Co in China plans to raise up to 18 billion yuan ($2.64 billion) through a rights issue to help raise its capital adequacy ratio, the bank said on Thursday.
- China Nonferrous Metal Mining Group Co. will start operations at its nickel mining project at Tagaung Taung, Myanmar in mid-2011. "The operation consists of mining and smelting facilities, and (the project) is expected to produce 85,000 tons of ferronickel and 22,000 tons of pure nickel content each year," said the Company official.
- U.S. steelmakers are paying the highest premium for nickel in at least 14 years as a strike by Vale SA workers in Canada curbs supply, according to CRU Group.
- China government's decision to raise electricity rates for manufacturing sectors including aluminum production, could threaten closure of up to 2.7 million tons of capacity, will increase production costs by up to $110/ton, says Barclays Capital.
FUNDAMENTAL OUTLOOK
Copper led industrial metals higher in a technical rebound on Thursday as the euro held above four-year lows against the dollar, although sentiment remained weak as investors weighed the impact of Germany's short-selling ban on the global economy. Copper may open Rs.3/kg high today on MCX as arbitrage is helping it. Any upside in Copper prices should be considered as a good selling opportunity.
source:www.stockmarketsreview.com
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