LME metals continued marching forward on the last trading day of the week. Most of the metals were backed by buying in metals as Dollar was a lower side against the Euro. The greenback was trading at 1.3, up 0.15% against the Euro.
Copper three month forwards were trading at $ 7955 per tonne against $ 7865 per tonne on Thursday. MCX Copper remained under pressure on the back of rising Indian Rupee. Indian Copper February expiry futures of Copper were trading at Rs 439 per kg.
Copper prices tested a low of Rs 438 per kg and a high of Rs 441 per kg. As expected, Copper has so far shown respect to resistances of Rs 441 per kg. In Shanghai, warehouse exchange data showed a decline of 8845 tonnes in Copper inventories, to 197088 tonnes.
Aluminium traded at seven week highs on London Metal Exchange. The three month forward prices of Aluminium were trading at $ 2090 per tonne, up 2%. MCX Aluminium December expiry contract was at Rs 113.4 per kg, up 0.75%. Shanghai weekly inventory report showed that the Aluminium inventories were down by 1122 tonnes at 464557 tonnes.
In Europe, economic reports were on a pessimistic side. France agency INSEE reported that consumer spending fell to -0.2% from 0.1% in the preceding month. Eurozone Consumer Price Inflation (CPI) fell to a seasonally adjusted rate of 2.2% in October compared to 2.5% in preceding month. Eurostat said that the rate of unemployment rose to a seasonally adjusted 11.7%, from 11.6% in the preceding month.
In another news, Chuquicamata mine is facing strike from its unionized workers as per Codelco. Planning of the mine to be moved underground led to strike of mine workers. The decision if formalized is likely to axe over 2000 jobs or nearly 40% of the workforce. Chuquicamata is the largest open pit mine in the world.
World largest producer of Copper, Chile produced 476202 tonnes of copper in October; a 1.4 percent rise from a year earlier on improved mineral ore grades and increased production at some of the nation's new mines, as per a government report.
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