FUNDAMENTAL OUTLOOK : Industrial metals are trading higher on
International bourses today. We expect prices to trade higher for the day, as
traders took heart from stabilising oil prices, solid China imports despite its
slowing economy, and stockpiling ahead of the Lunar new year. Base metals are
trading on a neutral note today
- · Industrial metals slid on Thursday as the market started to factor in slower activity in China ahead of the New Year holiday, but expectations of stronger imports by the top consumer in January and a weaker dollar helped to limit losses.
- · Japan's refined aluminium imports fell to a 6-year low in 2015 as buyers reduced purchases after seeing record high levels of local inventory
- · China's imports of nickel are set to jump in March and April, driven by a need to meet deliveries from investors who had taken out hefty positions in the Shanghai Futures Exchange's May contract, industry sources said.
- · Russia said on Thursday that OPEC had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help reduce a glut of crude and prop up sinking prices. It remained unclear whether Russian Energy Minister Alexander Novak was referring to a months old proposal by OPEC members Venezuela and Algeria or a new proposal backed by OPEC leader Saudi Arabia. Saudi officials did not immediately comment on the proposal, and a Gulf OPEC delegate said it came from Venezuela and Algeria.
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