In commodity Metals weaken as no recovery on rising Oil

The commodity base metal traded lower across the board in Asian session on the London Metal Exchange, the benchmark commodity metal exchnage on Thursday. LME 3 Month Copper last traded at USD 93 a tonne. While on 3 Months commodity Lead and Nickel on LME traded at USD 2500 per tonne and USD 28150 per tonne respectively.

Commodity Base Metals

The commodity copper prices are trading at four weeks low. Copper is strongly correlated with the performance of the economy as it is widely used in building construction, power generation and electronic products.

The commodity prices of Nickel are also likely to fall further and could reach to USD 27500 a tonne in the next few trading days. In other commodity base metals also, correction is likely to continue and there is a room for base metals to go down by 3-5 % in the next few trading sessions. 

The lowering crude prices may lead to higher inflationary situation to the commodity world market.

The commodity Metals may find its direction from global equity markets and currency movements in the next couple of weeks. Commodity Traders are eyeing on US Initial Jobless Claims and Home Sales data due tonight.