Holidays end at China appreciated metal prices. At domestic market all industrial metals are trading positive.
Copper gained by 0.68% to Rs.447.25, Nickel by 1.14% to Rs.879.10, zinc, aluminum and lead gained by 0.84%, 0.29% and 0.61% respectively. In precious metals Gold and Silver gained by Rs.77 and Rs.170 respectively.
Falling copper stockpile at London Stock Exchange advanced metal prices after continuous fall since 27th Jan. Stockpile at LME fell by 1975tons yesterday.
Nickel is expected to gain as demand of stainless steel may increase at China. Nickel is used to protect stainless steel against its erosion. Demand from alloy makers of India also pushed Nickel prices up. Aluminum has also gained after falling to the week low as demand increases on global cues.
China has shown below expected economic performance in this week and last month. Economic growth is expected to fall at world second largest economy. Demand for metals may also slow but gradually. Existing demand for metals is likely to keep prices afloat.