China’s copper imports fell 14 percent to 360,000 tonnes in July from the previous month. Overall, China’s imports fell 12.5 per cent from a year earlier in July and exports fell 4.4 per cent, pointing to further economic weakness.
Markets sentiments continue to be positive after US Nonfarm employers came in well above expectations, giving much needed respite to the global economy.
Aluminium capacity at China Hongqiao Group will expand to 6.5 million tonnes at most this year from current 5.9 million tonnes, its CEO Zhang Bo was quoted by sina finance as saying.
One of the causes of falling aluminium prices over the past few years was the rise in China’s aluminium exports. But Chinese exports started to calm down this year, helping aluminium prices to recover.
China exported 390,000 metric tons of unwrought aluminium in July, down 9.3% from July of last year. Chinese aluminium exports have fallen around 7% for the first seven months of 2016.
Lower Chinese aluminium exports suggest stronger aluminium demand in China coupled with some supply cuts.
According to the latest figures released by the International Aluminium Institute (IAI), Chinese aluminium production has now fallen on a year-over-year basis in five out of the last six months. For the first half, Chinese aluminium production has fallen by 3.3% compared to the same period last year.
LME zinc is expected to move between 2,230-2,270/mt today.
The surge was led on Monday by Russian Minister Alexander Novak who told a Saudi newspaper that his country was consulting with Saudi Arabia and other producers to achieve market stability.
According to Baker Hughes the number of rigs operating in the U.S. rose by 15 last week to 396.
Last week, three of the world’s five biggest crude oil consumers released reports indicating slower economic growth. This could start to pressure crude prices again after the short-covering subsides.
OPEC members are to have an informal meeting on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26-28.
When the cost curve flattens, the gap between the current and future prices of crude futures is narrowing. In the current market, which is incontango, that means forward prices are coming down relative to the current price, signaling that oversupply is waning.
We have Fed minutes coming out in the middle of the week, which is likely to tell us what the Fed’s thinking is going into the second half of the year, when it probably going to come under pressure to raise rates.
On 17 August 2016
10:30pm USD FOMC Member Bullard Speaks
11:30pm USD FOMC Meeting Minutes
World stock markets were mostly higher overnight. Many global equities market indexes are at or near record or multi-year highs amid major economies that are awash in central-bank-infused cash.
NOTE : You are advised to take your position with your sense and judgment.The views and investment tips expressed by users on MCXStar.com are their own, and not that of the website or its management. MCXStar.com advises users to check with certified experts before taking any investment decisions. If any other company also giving same script and recommandation then we are not responsible for that. We have not any position in our given scripts. Visiting our web one should by agree to our terms and condition and disclaimer also. All credit goes to original authors of post on this website. Website owner is not responsible for any loss due to your own decision or judgement. Thanks for Visiting our Website.