Industrial metal tumbles on Fed, US dollar 18/09/2014

Industrial metal tumbles on Fed, US dollar
18/09/2014 09:27
Zinc futures slumped in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal as a somewhat hawkish stance by the US Federal Reserve dashed demand prospects. The Fed raised its estimates for interest rates at the end of next year while tapering QE by USD 10 billion, moving closer to tightening monetary policy, clouding the demand outlook for industrial metals.
A stronger dollar dimmed the appeal of zinc as an alternative asset. Stronger greenback makes the base metal more expensive for those holding other currencies, thus dimming demand.
Meanwhile, confidence among Chinese businesses fell to a five- month low in September, signaling a faltering recovery in the world’s second biggest economy, clouding the demand outlook for the base metal. The index measuring business sentiment in China fell to 52.2 in September 2014 from 57.3 in August.
At the MCX, Zinc futures for September 2014 contract closed at Rs. 137.70 per 1 kg, down by 1.61 per cent, after opening at Rs. 139.55, against the previous closing price of Rs. 139.95. It touched an intra-day low of Rs 137.50.

Copper futures rally on upbeat China data 04/07/2014

Copper futures rally on upbeat China data
04/07/2014 09:34
Copper futures closed higher in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal after a report said that services activity in China, the world’s biggest metals consumer grew at a faster pace last month, signaling a rebound in the country’s economic growth, lifting the demand outlook for copper. The gauge measuring services in China rose to 53.1 in June from 50.7 in the previous month, with a reading above 50 signaling expansion, HSBC said. Sentiment was also boosted after the European Central Bank (ECB) maintained its key benchmark rate at a record low of 0.15 per cent to support the 18-member Euro area economy, lifting the demand outlook for industrial metals. Copper futures may rise today as upbeat US jobs data lifted the demand outlook for industrial metals. At the MCX, copper futures for August 2014 contract closed at Rs. 434.60 per 1 kg, up by 0.43 per cent, after opening at Rs. 432.10, against the previous closing price of Rs. 432.75. It touched an intra-day high of Rs. 435.30.

Zinc futures tad lower amid weak US factory data 02/07/2014

Zinc futures tad lower amid weak US factory data
02/07/2014 11:39
Zinc futures were trading with slim losses in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after manufacturing activity in the US grew at a weaker than expected pace last month, signaling a slowdown in the world’s biggest economy, clouding the demand outlook for industrial metals. The gauge measuring US manufacturing stood at 55.3 in June, compared to 55.4 in May, with a reading above 50 signaling expansion, ISM said. At the MCX, Zinc futures for July 2014 contract is trading at Rs. 130.95 per 1 kg, down by 0.08 per cent, after opening at Rs. 130.95, against the previous closing price of Rs. 131.05. It touched an intra-day low of Rs. 130.75. (At 11:28 AM).

Copper futures flat amid weak Euro area data 30/06/2014

Copper futures flat amid weak Euro area data
30/06/2014 10:27
Copper futures were trading on a flat note in the domestic market on Monday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as a dip in economic sentiment in the Euro area signaled a faltering recovery in the 18-member economy, dimming the demand outlook for the base metal. The gauge measuring Euro area economic confidence fell to 102 this month from 102.6 in May, EU said. At the MCX, copper futures for June 2014 contract is trading at Rs. 418.15 per 1 kg, up by 0.07 per cent, after opening at Rs. 418.35, against the previous closing price of Rs. 417.85. It touched an intra-day high of Rs. 418.75. (At 10:16 AM).