MCX Base Metals Market Overview - 03.10.2016
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LME base metals traded higher yesterday (except Nickel) as markets got a breather after the Organization of Petroleum Exporting Countries agreed to cut production to a range of 32.5 million to 33 million barrels a day. MCX base metals except nickel traded higher in line with international trends.
Copper
LME Copper prices rose 0.2 percent last week to $48 65/tonne as the 14 - member OPEC agreed to cut production for the first time since 2008, proposing new production levels at 32.5 million to 33 million barrels a day, a 700,000 drop on August production levels at 33.24
million barrels a day. Besides, comments from Chilean President Michelle Bachelet said
the country's budgeted spending will rise 2.7 percent in 2017 compared with this year, one of the lowest rates of growth since the 1990s, as a sluggish economy has crimped income. Also,
Industrial profit growth in China surged 19.5 percent to 534.8 billion Yuan in August to the highest level since 2013 helped by rising sales, higher prices and lower costs, show
n recent signs of stabilization.However, stock additions at LME’s South East Asian warehouses of
Gwangyang, Klang and Busan restricted sharp upside .
MCX copper prices traded higher by 0.2 percent to close at Rs. 328.6 per kg on Friday
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LME base metals traded higher yesterday (except Nickel) as markets got a breather after the Organization of Petroleum Exporting Countries agreed to cut production to a range of 32.5 million to 33 million barrels a day. MCX base metals except nickel traded higher in line with international trends.
Copper
LME Copper prices rose 0.2 percent last week to $48 65/tonne as the 14 - member OPEC agreed to cut production for the first time since 2008, proposing new production levels at 32.5 million to 33 million barrels a day, a 700,000 drop on August production levels at 33.24
million barrels a day. Besides, comments from Chilean President Michelle Bachelet said
the country's budgeted spending will rise 2.7 percent in 2017 compared with this year, one of the lowest rates of growth since the 1990s, as a sluggish economy has crimped income. Also,
Industrial profit growth in China surged 19.5 percent to 534.8 billion Yuan in August to the highest level since 2013 helped by rising sales, higher prices and lower costs, show
n recent signs of stabilization.However, stock additions at LME’s South East Asian warehouses of
Gwangyang, Klang and Busan restricted sharp upside .
MCX copper prices traded higher by 0.2 percent to close at Rs. 328.6 per kg on Friday
