Industrial Metals Under Pressure

Industrial metals like Copper and Nickel were seen under pressure on Wednesday as China remained on holiday that declined the volumes in LME.

The number of registered unemployed rose by 79645 or 1.72% month-on-month in September, leaving 4.7 million Spaniards out of work at the end of the month.

China Manufacturing activity remained below 50 mark this week. Chinas manufacturing activity contracted again in September.

US ISM reported that the purchasing managers index rose to 51.5 in September from 49.6 in August. LME three month Copper forwards were trading at $ 8290 per tonne, down $ 48 per tonne. MCX Copper November expiry contract ended at Rs 440 per kg.

Nickel has managed a gain in September 2012, prices settled at $ 18855 per tonne in LME on 2 Oct 2012. The rise was only on account of technical buying and progression after stimulus announcements. Via

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