MCX BASE METAL UPDATE

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MCX BASE METAL UPDATE

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As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

Aluminium hit highest since May 2015 on China smelter worries 


Aluminium touched its highest in 21 months on Tuesday on renewed concerns about potential closures of Chinese smelters to cut pollution while copper also extended gains on supply worries. Base metals also got fillip from a rise in Chinese credit growth and hopes for more infrastructure spending. In a sign of growing public anger about pollution, hundreds of residents in a northeastern Chinese city on Tuesday protested against the building of an aluminium processing plant. That came a day after Reuters reported a draft policy document showed that the world’s biggest metals consumer was considering forcing steel and aluminium producers to cut more output as Beijing intensifies its war on smog. Buying across industrial metals was driven by the size of the fixed asset investment plan with recent comments in the press suggesting investment in railway construction will remain high in 2017. While the latest fixed investment data is due later this month, figures showed on Tuesday that China’s banks extended the second highest monthly loans on record in January, indicating credit growth remained robust. Copper slipped into the red on hopes strike talks would restart at the world’s biggest copper mine in Chile. Striking workers at Chile’s massive Escondida copper mine have accepted a government invitation to try to resume dialogue with mine operator BHP Billiton.

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