The commodity base metals showed a turnaround yesterday in LME on reallocating oil prices eased worries on inflation hitting economic growth and metals demand, though doubt remained due to unrest in Libya and Middle East.
U.S. imports for commodity copper fell 14.9% in January from a month ago, and was down 25.1% from the previous year.
The commodity base metals prices trading is little changed on international commodity market today. We expect a decline in the prices of base metals on account of high CPI data reported by China, which may trigger further monetary tightening fears in the region.
China's industrial value-added output grew 14.1 percent in the first two months of this year, Consumer prices were up 4.9% in February from the same period of previous year. Although inflation resisted further increase, it continues to stay above the 4% government target and exceeded the 4.8% forecast.
Base Metals Technical View: Today, we may see consolidating to positive bias.
Copper: S1=418 S2=415, R1=434 R2=437
Nickel S1=1170 S2=1150, R1=1185 R2=1195
Lead: S1=112, R1=113.60
Zinc: S1=101, R1=104
U.S. imports for commodity copper fell 14.9% in January from a month ago, and was down 25.1% from the previous year.
The commodity base metals prices trading is little changed on international commodity market today. We expect a decline in the prices of base metals on account of high CPI data reported by China, which may trigger further monetary tightening fears in the region.
China's industrial value-added output grew 14.1 percent in the first two months of this year, Consumer prices were up 4.9% in February from the same period of previous year. Although inflation resisted further increase, it continues to stay above the 4% government target and exceeded the 4.8% forecast.
Base Metals Technical View: Today, we may see consolidating to positive bias.
Copper: S1=418 S2=415, R1=434 R2=437
Nickel S1=1170 S2=1150, R1=1185 R2=1195
Lead: S1=112, R1=113.60
Zinc: S1=101, R1=104
