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Kamis, 03 Maret 2011

Base metals weaken tracking weak equities - Commodity Online

Base metals are trading weak on LME because of weakness in global equity markets. Investors are hesitating to take any fresh positions in base metals on renewed concerns that rising crude prices may hamper global economic recovery. Rising crude prices may lead to higher inflationary situation in the world. The recent rise in crude prices is due to ongoing tension in Middle East.

Strong Euro is helping metal complex somewhat. While, strong US economic data look supportive for the base metal complex. Base metal prices are likely to rise. Base metals look fundamentally strong from the present levels. Traders and investors are advised to buy metals on dips.

LME Aluminum 3M prices are likely to rise and could touch USD 2650-2725 per tonne in the coming few days. Copper is also seen go upward and may touch USD 9975-10000 a tonne. Copper is a metal which is strongly correlated with the performance of the economy as it is widely used in building construction, power generation and electronic products. LME Lead 3M prices are also likely to move up and may test USD 2625-2650 a tonne.

Metals may find its direction from global equity indices and currency movements in the next few weeks. Traders are waiting for US unemployment and factory orders data due later this week.
Posted by Saham Pilihan at 05.54

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