24 JUNE 2013Moneycontrol.com
Research firm expects US economy to uplift metal prices
Edited by : AL CIRCLE
2 min read
Research firm Nirmal Bang expects industrial metals prices to take support from improving economic conditions in the US. Though, the deteriorating manufacturing conditions in China are likely to keep a check on the upside.
Industrial metals prices fell to its lowest level in 20 months, hit by further evidence that the economy of top metals consumer China is slowing down and the US Federal Reserve’s stated intention to begin scaling back stimulus measures later this year.
Rio Tinto said its plan to start exporting copper from the USD 6.2 billion Oyu Tolgoi copper mine on Friday has been delayed at the request of the Mongolian government, ahead of a presidential election on June 26.
India’s state-controlled NALCO has sold 6,000 tons of aluminium ingots at USD 226 per tonne premium to the average LME cash price on a cost, insurance and freight (CIF) basis, company officials said on Thursday.
Daily average primary aluminium output excluding China fell to 68,100 tons in May, against a revised 68,400 tonnes in April, data from the International Aluminium Institute (IAI) showed on Thursday.
Makers of products such as cans and packaging foils face record high aluminium surcharges in the U.S. Midwest as more of the metal gets sucked into backlogged warehouses in Detroit that are registered by the London Metal Exchange (LME).
Industrial metals prices fell to its lowest level in 20 months, hit by further evidence that the economy of top metals consumer China is slowing down and the US Federal Reserve’s stated intention to begin scaling back stimulus measures later this year.
Rio Tinto said its plan to start exporting copper from the USD 6.2 billion Oyu Tolgoi copper mine on Friday has been delayed at the request of the Mongolian government, ahead of a presidential election on June 26.
India’s state-controlled NALCO has sold 6,000 tons of aluminium ingots at USD 226 per tonne premium to the average LME cash price on a cost, insurance and freight (CIF) basis, company officials said on Thursday.
Daily average primary aluminium output excluding China fell to 68,100 tons in May, against a revised 68,400 tonnes in April, data from the International Aluminium Institute (IAI) showed on Thursday.
Makers of products such as cans and packaging foils face record high aluminium surcharges in the U.S. Midwest as more of the metal gets sucked into backlogged warehouses in Detroit that are registered by the London Metal Exchange (LME).
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