Commodity and Base Metal Prices Recap Nov 5
Base metals opened lower in the morning at the MCX they declined overnight at the LME. Copper has declined the most in comparison with other base metals. Supplies are being curbed in the Democratic Republic of Congo, which has 4 percent of the world’s copper deposits. Lower metal prices forced traders in the nation’s southern Katanga province to close operations and put small-scale miners out of work, officials said. LME inventories of copper have also been rising continuously throughout this week and showed an increase of 5,825 tonnes, or 2.4 percent today also. Among other base metals Aluminum lost $26, or 1.2 percent, to $2,083 a tonne whereas nickel tumbled $350, or 2.7 percent, to $12,550 a tonne. Lead also declined by $25, or 1.6 percent, to $1,515 a tonne and zinc dropped $35 at $1,204 a tonne.
Source: www.commodityonline.com
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