LME metals were dejected in the London trades extending its bearishness from Asian markets on the back of strength in Euro and the decline in US home sales that created selling chances. LME three month Copper forward was down by $ 67 per tonne at $ 8023 per tonne. MCX Copper was trading at Rs 436.5, per kg, unchanged from last night.
Anglo America production numbers released last week showed that total production of Nickel decreased by 25% to 7,400 tonnes in Q4 2012 owing to the cessation of production at Loma de Níquel in Venezuela, which was partly offset by an increased contribution from Barro Alto. Total production of Nickel was up by 35% to 39300 tonnes in FY 2012, compared to 29100 tonnes in FY 2011.
Anglo America has said that the total production of Copper increased by 2% to 172,900 tonnes. Production from Los Bronces increased by 31%, mainly due to the ramped up Los Bronces expansion project. The expansion contributed an additional 35,100 tonnes in the quarter and 177,100 tonnes for the full year.
International Aluminium Institute said that the total world aluminum inventories in December rose by 22,000 metric tons in December to 2.275 million tons. World stocks in November totalled at 2.253 million tons. December stocks were down 116000 tons compared with the same month of 2011, when inventories totaled 2.391 million tons.
LME Aluminium was trading at $ 2044 per tonne, down $ 31 per tonne. Among other metals, Nickel was the only metal trading up by $ 143 per tonne, at $ 17443 per tonne. MCX Nickel was trading at Rs 940 per kg, up 0.74%.
Powered by Commodity Insights