Profit Booking Continues In Non Ferrous Metals

Profit booking was the part of the metals pack for the second straight session on Tuesday. LME Copper and other metals barring Nickel were still in a spot of bother. The recovery of Dollar against the Euro resulted in the attractiveness of selling. Dollar was trading at 1.31, up 0.11% against the Euro on Tuesday.

On economic front, New York manufacturing activity deteriorated in the month of September. The New York Fed said its general business conditions index fell to a negative 10.41 in September from a negative 5.85 in August, with a negative reading indicating a contraction in regional manufacturing activity.


Commitment of Traders (CFTC) report released on 11 September 2012 last week showed that the fund managers are showing their interest in Copper at the moment.

The total long positions by money managers were 41429 contracts that were up by 10917 contracts from week ending 4 September 2012. Meanwhile, short positions dipped by 5908 contracts to 23931 contracts.

However, producers showed lack of interest towards Copper and their long positions declined by 1508 contracts to 6769 contracts last week.

Nickel in Indian markets were slow to start with on Monday and tested a low of Rs 950 per kg but recovered after European opening and ended with gains of Rs 18 or 2% at Rs 975 per kg. Via

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