Do not expect major downside in base metals: Nirmal Bang
Nirmal Bang has come out with its report on base metals. The research firm do not expect any major downside in the prices of metals on account of better economic data from China and US and a weak US dollar overseas.
Nirmal Bang's report on base metals
Industrial metals prices fell to its lowest in a week yesterday as the U.S. government shutdown reignited concerns about the world's largest economy and sparked a wave of fund and institutional selling, offsetting upbeat U.S. manufacturing data.
Polish, Europe's No.2 copper producer, does not plan to change its 2013 forecast despite the fall of metal prices that fuelled speculations it would reduce its target for the year, its chief financial officer told Reuters.
Nyrstar, the world's largest zinc smelter, said on Tuesday it had agreed a deal with Noble Group Limited NOBG.SI under which the trading house would sell Nyrstar's European zinc and also take a 1 percent stake in the Belgian company.
Continued recovery in car and truck sales bolstered shipments of new and replacement automotive batteries in North America in August, fuelling optimism about demand for lead metal, according to data the Battery Council International released on Tuesday.
If the U.S. government shutdown continues for more than a few days, commodity markets will find themselves flying blind, as the public servants
responsible for producing statistics on which traders and investors rely are sent home.
Freeport-McMoRan Copper & Gold Inc reached a tentative agreement with Indonesian union workers on Wednesday over wages and pensions, a union official said, raising hopes that a strike will be averted with just two days left of talks.
FUNDAMENTAL OUTLOOK: Industrial metals prices are trading little changed on international bourses today. We do not expect any major downside in the prices of metals on account of better economic data from China and US and a weak US dollar overseas.
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