Buy Copper on decline: Nirmal Bang
Nirmal Bang has come out with its fundamental outlook on base metals. According to the research firm, a further rise in the prices of metals is expected on account of positive import numbers from china. Copper in particular can be bought at dips, says Nirmal Bang.
August 08, 2013 / 15:59 IST
Nirmal Bang's report on base metals
Industrial metals prices steadied yesterday as the dollar fell, but gains were limited ahead of data from top metals consumer China and on concern about the winding down of U.S. monetary stimulus measures.China's imports of copper rose 8.1 percent to 410,680 tonnes in July from 379,951 tonnes in the previous month, data from the General Administration of Customs showed.Russian aluminium, nickel and copper exports to countries outside the Commonwealth of Independent States (CIS) declined by volume in the first six
months of 2013, customs data showed on Wednesday.EMED Mining is making plans to restart Spain's fabled Rio Tinto copper mine in early 2015, citing a mini-mining boom in the copper-rich Iberian Peninsula that is attracting foreign mining companies.Rio Tinto's Alcan division said on Wednesday it will shut down its aluminum smelter in Shawinigan, Quebec, by the end of November.China's oversupply of aluminium is likely to escalate in the second half of 2013 as more new capacity is set to come onstream, further reducing the need for imports by the world's top consumer and producer of aluminium.FUNDAMENTAL OUTLOOK: Industrial metals prices are trading higher on international bourses today. We expect a further rise in the prices of metals on account of positive import numbers from china. Copper in particular can be bought at dips.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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