MUMBAI (Commodity Online): Disappointing imports data from China and expectations of further rise in Dollar have clipped the wings for metals early Friday. The markets were outmoded due to the unexpected decline in import figures from China.
China General Administration of Customs showed that the Copper imports declined by 3% to 254738 tons in May as against 262676 tons in April 2011. On a yearly basis, a much heavy fall of 36% was noted with China Copper imports at 396712 tons in May 2010. Unwrought Aluminium and product imports in China stood at 74880 tonnes in May as against 76724 tonnes in April down 2.4%.
The imports of Aluminium also disappointed on a yearly basis, the imports of unwrought Aluminium on yearly basis declined by 21% from 94487 tonnes on May 2010.
The Dollar was sharply higher against the EURO on Thursday and the inclination has continued on Friday as well. The buck is exchanging hands at 1.4486 against the EURO, up 30 pips from last night.
Labor Department data showed the U.S. unemployment rate climbed to 9.1 percent in May as the economy created only 54000 new jobs. US Department of Labor also said that the during the week ending June 4, the advance figure for seasonally adjusted initial claims was 427000, an increase of 1000 from the previous week's revised figure of 426000.
In metals, LME Copper forwards ended rings down $ 17 at $ 8963.5 per ton on Thursday. Aluminium also moved by $ 20 per ton to $ 2648.5 per ton. Nickel and Lead remained elevated and ended at $ 22575 and $2575 per ton, up $ 105 and $ 54 per ton respectively.
On MCX, the session on Friday has started on a weak note with Copper trading at Rs 403.4 per kg, down Rs 2. Nickel is down by 0.5% to Rs 1030 per kg. Aluminium is looking fragile early morning and trading at Rs 117.7 per kg.
