MCX BASE METAL UPDATE
As per MCX www.crudeoperator.com intraday research Mumbai base company report for :
Copper slid on higher dollar and China demand angst
MCX Copper prices fell on Tuesday as the dollar rose and worries about demand growth in top consumer China and elsewhere subdued sentiment, but concerns about supply curbs helped limit losses. Traders say that is particularly worrying in the context of the Chinese yuan, which has been falling since the start of the year, as China accounts for about half of global demand for industrial metals. There are downside risks around China, key areas like automotive and construction look like they are going to have a much slower year this year compared to last year. Traders expect the prospect of a strike at the Escondida copper mine in Chile, the world’s biggest, and Indonesia’s ban on exports from Freeport McMoRan’s Grasberg mine to support copper prices. Nickel was untraded at the close, but bid down one percent at $10,350. The metal has been boosted by expectations of lower supplies after the Philippine government ordered the closure of some mines for environmental reasons. More important to the sustainability of nickel’s bullish narrative is whether Indonesia will further ramp up its output, as it has already been doing for some time now. New Caledonia is also gearing up, granting three more companies the right to export nickel ore to China.