Aluminium has seen a bit of gains in the day today but for the rest it is actually sideways trend. Lead is another one that has been an out performer not just in the metal space but in that entire commodity space as well, is up 35% year till date.
Here is a verbatim transcript of Commodities Editor, Manisha Gupta’s comments on CNBC-TV18. Also watch the accompanying video.
Base metals had another decent day of trade and copper has gained traction again. It’s really a conflict between the East and the West because we have seen good numbers coming from China. There is buying happening in China, and the recent numbers have been good. But the West is a different story altogether because there is absolutely no demand coming in from US or Japan or euro and the markets are fighting within that. We have seen cancelled warrants decline in case of copper and lead and that could be putting some pressure on the prices.
China has been importing a lot; they have been building their inventories in case of SRB (State Reserve Bureau). But the Chinese demand also is lower and the supplies are exceeding as well. So we have seen a bit of pause happen in case of most of those metals.
Aluminium has seen a bit of gains in the day today but for the rest it is actually sideways trend. Lead is another one that has been an out performer not just in the metal space but in that entire commodity space as well, is up 35% year till date. But the demand for battery has been good at this year and we also have seen supply disruptions happening, there have been output cuts; all of that is supporting the prices.
All these markets are pretty steady, holding on to their levels, nobody is building long positions today and all of them are waiting for the FOMC (Federal Open Market Committee) meeting today in the evening. The kind of announcements or the statements that may be generated there that would give us further cues in the US markets today.
