" /> Metals Slide 1% Ahead of China PMI Data | Gold Silver Reports
Thursday, October 27th, 2016 2:23 PM
Breaking News

Home / Commodity News / Metals Slide 1% Ahead of China PMI Data

Metals Slide 1% Ahead of China PMI Data

Metals Slide 1% Ahead of China PMI DataGold Silver Reports — Metals Slide 1% Ahead of China PMI Data — Most base metals fell on the Multi Commodity Exchange on Monday as investors opted to book profit ahead of the Friday release of China’s Caixin PMI manufacturing data that is expected to depress metal prices. 

On an average, most base metal prices fell 1% with nickel, zinc and copper taking maximum beating.

“Last week, prices of base metals went up, which led to profit-booking by investors,“ said Hareesh V, a senior analyst at Geofin Comt rade. “On an intra-day basis, copper fell 1%, while both zinc and nickel declined 1.6%.“

Nickel, which had so far been the second best performer of 2016 after zinc, slid to `694.70 per kg in the intra-day session on MCX. The metal had touched `711 per kg on Friday. In 2015, it had plummeted 42% to become the worst performer of the year. “All eyes are on the Chinese Caixin PMI manufacturing data,“ said Himanshu Gupta, chief market strategist at Karvy Commodities.“The official September PMI reading will be reported on Saturday, which is expected at 50.5 as against 50.4 in August.“

China has discovered one of its biggest lead and zinc mines in Hotan in the far western region of Xinjiang. According to reports, the mine has about 19 million tonne of lead and zinc reserves. Output from this mine is expected put further pressure on prices of these metals across the world.

According to a recent report from the International Lead and Zinc Study Group, the global market for refined zinc was in deficit from January to July. Global zinc production declined 6.1% during the period, which was mostly due to a substantial reduction in India, Australia, Ireland and Peru.Refined zinc metal output fell 3.9% during the period. This resulted in a rally in zinc and lead prices, analysts said.

Zinc is now trading at `149.80 per kg, down from `157-158 last week.Lead is down to `126.80 per kg from `132.75 on September 20, while copper has slid to `325.35 per kg from `328.40 last week.  — Neal Bhai Reports

Metals Slide 1% Ahead of China PMI Data

About Anil Yadav

Check Also

Gold Import Data: Agencies Not On

Gold Silver Reports – Gold Import Data: Agencies Not On – Neal Bhai Reports Best …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA