Industrial Metals down today on weak demand outlook. Future contract of Copper, Nickel, Zinc and Lead fell by 0.19%, 0.16%, 0.39% and 0.01% at Rs. 443.90, 882.60, 125.15 and 130.71 respectively while Aluminum gains by 0.81% at Rs.105.25.
Weak industrial demand at world largest economies has fell base metals prices. Manufacturing activities have slowed down from the beginning of the year at large consumers of metals like China and U.S. which has given a weak start to these metals.
China is planning to order small banks to keep large fund base in order to safeguard cash crunch. It may reduce fund availability to investors that in turn fall metal prices.
In the month ahead there are no major events except U.S. Industrial production that can have direct impact on industrial metals.
Today traders will carefully watch Fed new chairman testimony. Any unexpected comment might bring volatile movement in the market.