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LME Copper Prices Easing From Top

Capital Market/ 16:57 , Apr 12, 2013

LME copper prices were easing from highs after the European opening. The sentiments were wary as the industrial production in the Eurozone declined on a yearly basis. Investors remained cautious as the Eurozone was expected to discuss whether to give Ireland and Portugal an extension on their bailout loan repayments.

Eurostat said that Euro zone industrial production rose to a seasonally adjusted 0.4%, from -0.6% in the preceding month whose figure was revised down from -0.4%. Eurozone industrial production was down by 3.1% in Feb 2013 compared to last year.

The news from Rio Tinto was expected to bring charge in Copper but that didn't happen. Rio Tinto's, Kennecott Utah Copper's Bingham Canyon Mine experienced a slide along a geotechnical fault line of its north eastern wall. Movement on the north eastern wall had accelerated in recent weeks and pre-emptive measures were taken to relocate facilities and roads prior to the slide. All employees are safe and accounted for. Mine operations are currently suspended while experts assess the extent of the slide and impact on operations.

Dollar was higher against the Euro. The US currency was at 1.306, up 0.31 percent against the Euro. Indian Rupee was stable at 54.56 against the Dollar on Friday, 0.07 percent.

Indian sales of automobiles are a setback for Lead and battery manufacturers. The overall growth in domestic sales is in a bad shape and recovery looks a tough. In Society of Indian Automobile Manufacturers (SIAM) showed that both production and sales of vehicles were in doldrums.

The total cumulative production of automobiles for the financial year ending March 2013 was just 1.2 percent over last year. In the month of March 2013, the position was far worse as total production was down by 8.7 percent to 1685355 units. Domestic sales increased by 2.6 percent in April-March period 2013, while in the month of March 2013 domestic sales was down by 7.7 percent over March 2012.

MCX Copper April expiry contract suffered from the highs of Rs 413.9 per kg and was seen at Rs 412.5 per kg, up 0.16 percent. Open interest in the contract increased to 32335 contracts from 30434 contracts. LME three month Copper prices was at $ 7566 per tonne, up $ 20 per tonne.

LME Lead three month prices were at $ 2075 per tonne, down from $ 2084 per tonne on Thursday. Indian Lead futures were trading at Rs 112.65 per kg, unchanged from last night.

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