Base Metal Updates

Base metals recover marginally on Wednesday looking for further catalysts to drive prices. Eurozone debt worries were forcing traders to stay cautious in their approach towards risky asset classes.
In Europe, investors were jittery after a meeting of euro zone finance ministers on Monday ended without any final decision on whether to release an urgently needed EUR31.5 billion bailout installment for the debt-strapped country.
The decision instead has been postponed until November 20th, as the International Monetary Fund and European officials were unable to reach an agreement on how best to reduce Greece's debt to manageable levels.
Industrial production in Japan fell last month, data showed on Tuesday. In a report, the Ministry of Economy, Trade and Industry said that industrial production fell to a seasonally adjusted -4.1 percent in September similar to decline in August this year.
LME three month copper was trading at $7670 per tonne, up $ 60 per tonne. Gains in Euro against the Dollar are supporting the price rise. Dollar was last seen trading at 1.272 against the Euro, down 0.14 percent. MCX Copper prices declined on 13 Nov by 0.75 percent to Rs 418.7 per kg. Prices are facing resistance at Rs 424 per kg. Supports for the contract are at Rs 413 and 410 per kg.
In a good news for steel and steel products, Baosteel said that it will raise ex factory prices on growing demand of steel products. Hot-rolled and cold-rolled coil prices will be increased by 100 yuan per tonne, zinc coated steel sheet prices will go up 80 yuan per tonne, and aluminum-zinc coated steel sheet will rise 120 yuan per tonne.
Chinese customs figures showed that China exported 5.15 million tonnes and 4.84 million tonnes of steel products in September and October, respectively, both rising significantly from the same period last year.
LME Zinc forwards were at $1925 per ton, up $ 6 per tonne while Nickel was at $16137 per ton, up $ 142 from its previous close. On MCX, Zinc futures settled at Rs 104 per kg, down 1 percent. MCX Nickel was down by 0.45 percent at Rs 881.5 per kg.

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