Base metals, faced numbness and lack of interest on MCX as the LME was closed for New year, the prices lacked volatility till the last session. Traders were still worried that the US recession will continue in the New Year. The prices started on a dull note with not one metal showing some respite.
MCX Copper February expiry contract closed the trading at Rs 266.30 per kg from where it looks to march towards 263 level mark, its first support. Open interest in the contract is 14343. Copper stockpiles monitored by the LME declined 900 tons, or 0.5 percent, to 197450 tons, according to LME daily data on 31st December 2007. Inventories increased 8 percent this year and are four times higher than at the end of 2004.
Codelco, the world's largest copper producer, said that talks continued between Chilean workers and a port operator to resolve a strike that has hampered its shipments. Contract workers have been on strike since Dec. 26 in a dispute over bonuses. Codelco is stockpiling copper from its largest division until the dispute is resolved, its press office said.
The Shanghai Futures Exchange last week said its copper stockpiles fell 0.49 percent to 25,597 tons in the week to December 28.
Lead inventories declined by 25 tonnes to 47946 tonnes while Aluminum inventories added by a robust 2050 tonnes to 930025 tonnes. Zinc inventories advanced by 50 tonnes to stand at 89150 tonnes. Nickel inventories remained unchanged by 47946.
Among the other metals, Nickel, was at Rs 1042 per kg, registering losses of Rs 1.50. MCX Aluminum was trading at Rs 94.25 per kg with losses of Rs 0.20. Meanwhile Zinc was at Rs 93.80 per kg.
MCX Copper February expiry contract closed the trading at Rs 266.30 per kg from where it looks to march towards 263 level mark, its first support. Open interest in the contract is 14343. Copper stockpiles monitored by the LME declined 900 tons, or 0.5 percent, to 197450 tons, according to LME daily data on 31st December 2007. Inventories increased 8 percent this year and are four times higher than at the end of 2004.
Codelco, the world's largest copper producer, said that talks continued between Chilean workers and a port operator to resolve a strike that has hampered its shipments. Contract workers have been on strike since Dec. 26 in a dispute over bonuses. Codelco is stockpiling copper from its largest division until the dispute is resolved, its press office said.
The Shanghai Futures Exchange last week said its copper stockpiles fell 0.49 percent to 25,597 tons in the week to December 28.
Lead inventories declined by 25 tonnes to 47946 tonnes while Aluminum inventories added by a robust 2050 tonnes to 930025 tonnes. Zinc inventories advanced by 50 tonnes to stand at 89150 tonnes. Nickel inventories remained unchanged by 47946.
Among the other metals, Nickel, was at Rs 1042 per kg, registering losses of Rs 1.50. MCX Aluminum was trading at Rs 94.25 per kg with losses of Rs 0.20. Meanwhile Zinc was at Rs 93.80 per kg.
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