BASE METALS Metal prices are expected to trade lower during intraday after the weak China flash HSBC PMI data at 47.7 from the June 48.2. Goldman said the copper surplus may rise to 500,000 tons in 2015 from 257,000 tons this year in a report yesterday. China has become such a major importer of goods that any weakness in demand is increasingly felt worldwide. However, Metals prices may remain supported from the lower levels though gains will be limited after the strong US PMI data and New Home sales data and weak China flash PMI reinforces the need to introduce additional fine-tuning measures to stabilize growth amid speculation the government in China may ready to step in to boost growth. China’s Finance Minister Lou Jiwei said on July 11 that 6.5 percent expansion wouldn’t be a “big problem.” Therefore one should maintain sell on rise in Copper & Aluminium during intraday and Buy on dips in Nickel prices.
Posted on: Thu, 25 Jul 2013 06:52:55 +0000
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