Expect industrial metals to remain subdued: Nirmal Bang
Nirmal Bang has come out with its fundamental outlook on base metals. According to the research firm, industrial metal prices are expected to remain subdued awaiting the Chinese GDP data next week which is expected to be weak. One can sell on rise.
July 12, 2013 / 13:34 IST
Nirmal Bang's report on base metals
Industrial metals prices hit their highest in nearly a month yesterday after the U.S. Federal Reserve chairman signaled a commitment to monetary stimulus for the foreseeable future, helping boost appetite for risky assets.Democratic Republic of Congo has delayed until year-end a ban on exports of copper and cobalt concentrates designed to encourage miners to refine the red metal within its borders, a senior Mining Ministry official said on Thursday.Peru is temporarily exempting three of its most polluted cities from stronger air quality standards after two major metals processors said the tighter limits were unworkable, with one of them threatening to shut down the country's main copper refinery.Rio Tinto and BHP Billiton are set to release softer-than-expected quarterly iron ore output data after unseasonable rains in Western Australia slowed
operations, jeopardising annual production rates.Europe's aluminium spot market has almost come to a standstill in the wake of the London Metal Exchange's proposed new warehouse load-out regulations announced last week, as buyers and sellers wait for each other to make the first move.Nickel Asia Corp. Thursday reported a 10.3-percent jump in its ore output volume for the first half of 2013, which reached a total of 5.54 million wet metric tons (WMT).FUNDAMENTAL OUTLOOK: Industrial metals prices are trading tad lower on international bourses today. We expect industrial metal prices to remain subdued awaiting the Chinese GDP data next week which is expected to be weak. Selling on rise is recommended for the day.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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