Industrial Metals rose on Thursday, bouncing from a two-week low as the dollar pared gains. Benchmark copper on the London Metal Exchange touched $7,150 a tonne, its lowest since July 29.
IN FOCUS
- Aluminum stocks at major Japanese ports were up 3.3% at the end of July compared with a month earlier, a trader at a major Japanese trading house said Friday.
- Demand for steel products in Europe improved from April through June due to use from the automotive and aerospace sectors, but the sustainability of that recovery depends on future growth in the European construction sector, Corus said Thursday.
- Chinese gold miner Chenzhou Mining Group Co. (002155.SZ) may acquire zinc miner Hunan King Stone Minerals Group to expand into the zinc industry, the China Daily reported Thursday, citing unnamed government officials in Yuanling county, Hunan province.
- U.S. aluminum imports rose 102.9% in June from a month ago, and was up 64.7% from the previous year, the Commerce Department reported Wednesday.
- U.S. copper imports rose 38.2% in June from a month ago, and was up 63.4% from the previous year, and exports fell 7.4% in June from the previous month, and was down 81.5% from the previous year, the Commerce Department reported Wednesday.
FUNDAMENTAL OUTLOOK
Industrial metals prices are trading up on LME today. Core retail sales data from US is due to be released in the evening today. Any positive outcome from the expectations may further lend some support to the metals prices today. Buying at dips is recommended today.
