Base metals opened in green zone whereas copper trading near $9400, nearly one percent gain with Lead prices reached near 3 year high, trading at $2775 on expectations of increasing demand in Japan for batteries to provide back- up power to help country's damaged nuclear reactors.
Copper trading in indecisive mood intensified by a two day market holiday in China amid the week long CESCO/CRU mining conference in Chile, where the industry's biggest and brightest are gathered to discuss market trends.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 6 percent last week as generally copper demand is slower in the first quarter and it picks up in the second quarter so further outflows of inventories from exchanges are expected but mounting concerns about unreported inventories may dampen on prices.
Base Metals Technical View : Today, prices are expected to trade sideways to positive. Euro zone PMI and US ISM non manufacturing data will be released today.
