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LME Metals Ended Firmly Although US Economy Declines

Capital Market/ 09:53 , Jan 31, 2013

LME metals ended on a higher note even after the news that US economy declined in the fourth quarter ending 2012. The GDP of US declined by 0.1%. On Wednesday, the Federal Reserve's Open Market Committee (FOMC) released the decision from its two day meeting.

The FOMC decided not to change its monetary policy in any way, keeping interest rates near 0% while continuing to buy roughly $85 billion worth of securities each month. In The Federal Reserve is already pursuing extremely aggressive monetary expansion, but it may not be enough to prevent deflation from taking hold of the global economy.

In US, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 192,000 in January, above expectations for an increase of 165,000. The previous month's figure was revised down to a gain of 185,000 from a previously reported increase of 215,000.

In Japan, recent data showed that industrial production increased by 2.5% less compared to economists estimate of 4.5% rise.

LME three month Copper forwards closed at $ 8214 per tonne, up $ 169 per tonne. Among other metals, Nickel showed a sharp rally of $ 615 per tonne and closed at $ 18240 per tonne on Wednesday.

MCX Copper contract for Feb expiry closed at Rs 442 per kg, up 1% from last night. Meanwhile, Nickel contract closed at Rs 979 per kg, up Rs 21.

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