Base metals can open in negative path tracking weak international markets except Nickel which can move higher on supply problems.
Copper may trade in range of 407-416 .
Lead may move in range of 124-126.
Aluminum may move in range of 101-103.
Nickel may move in range of 1160-1200 in MCX.
Zinc may move in range of 121-123.
The global surplus will drop to a four-year low this year and the market will swing to a deficit next year, OAO GMK Norilsk Nickel, the world’s largest producer of the refined metal, said yesterday.
Demand for Nickel will exceed output through 2019 as consumers seek to replace supplies from Indonesia after the government barred exports of raw ore in January, Macquarie Group Ltd. said last week.
Copper in London declined 0.2 percent to $6,914 a ton after touching $6,954 yesterday, the highest price since March 7.
Stockpiles monitored by the LME have slumped 50 percent this year to 183,050 tons, the lowest since September 2008.
www.punjiniveshonline.com
Copper may trade in range of 407-416 .
Lead may move in range of 124-126.
Aluminum may move in range of 101-103.
Nickel may move in range of 1160-1200 in MCX.
Zinc may move in range of 121-123.
The global surplus will drop to a four-year low this year and the market will swing to a deficit next year, OAO GMK Norilsk Nickel, the world’s largest producer of the refined metal, said yesterday.
Demand for Nickel will exceed output through 2019 as consumers seek to replace supplies from Indonesia after the government barred exports of raw ore in January, Macquarie Group Ltd. said last week.
Copper in London declined 0.2 percent to $6,914 a ton after touching $6,954 yesterday, the highest price since March 7.
Stockpiles monitored by the LME have slumped 50 percent this year to 183,050 tons, the lowest since September 2008.
www.punjiniveshonline.com
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