Non Ferrous metals thrived today in lower volumes and limited activity in terms of open interest. The metals consolidated their meager profits into more handsome returns in London. The exchange saw Copper forwards gain $ 70 per tonne, to $ 7592 per tonne. MCX Copper was up 1% at Rs 424 per kg.
LME Aluminium gained by $ 30 per tonne, to $ 1907 per tonne. This was even after inventories of Aluminium was up by 46575 tonnes. MCX Aluminium was up 0.67% at Rs 106 per kg.
Gains in Euro helped metals. Dollar gained by 0.3% against the Euro and was trading at 1.23 versus the Euro. European agency Eurostat said that 17 nation Euro zone unemployment stood at 11.2% in June. This is the highest rate of unemployment since 1995. The unemplyment rate of Greece was 22.5% in April.In Germany, jobless rate stood at 6.8% in July. Unemployment among German workers rose by 7000 against expectations of 10000.
Indian Central Bank, RBI, cut the GDP view for March 2013 to 6.5% compared to previous forecast of 7.3% while keeping the interest rates unchanged. The premier bank remained concerned about the inflation and raised its target to 7% from 6.5% in earlier forecasts.
The repo rate was kept untouched at 8% in the monetary policy review while reverse repo which is fixed at 100 basis points below repo rate was at 7%. CRR has also been undettered at 4.75%.
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