China will strengthen commodity price monitoring and continue to release copper, aluminium, and zinc from its state reserves in batches, the National Development and Reform Commission (NDRC) said on Monday.
Three-month copper on the London Metal Exchange was down 0.8 per cent at $9,242.50 a tonne by 0710 GMT, pushing its loss for the week to 7.6 per cent and putting it on track for its steepest weekly fall since March last year, when the coronavirus hit demand.
Production of petroleum products by Oil's Refineries during April, 2021 was 20525.69 TMT (thousand million tonne) which is 0.97 per cent higher than the target for the month and 31.04 per cent higher than the production during April, 2020.
Volatility due to inflation fears and uncertainty over the second wave of Covid-19 will continue to keep market participants on their toes in the coming week.
Some of the world’s large economies such as the U.S. and China are recovering from the pandemic, stoking demand for more cars, electronics and infrastructure.
Benchmark copper on the London Metal Exchange was down 0.9% to $8,879 a tonne at 1600 GMT. Prices have fallen 8% since hitting 9-1/2-year highs of $9,617 last month.
The foundry and forging industry has been petitioning the government to curb export of metal raw materials to allow prices to stabilise.
Other base metals also fell as market sentiment was blunted by concerns around Brexit, fading hopes of a new U.S. fiscal stimulus, and data suggesting a stalling U.S. labour market recovery from the coronavirus crisis.
Three-month copper on the London Metal Exchange was down 0.1% to $6,780 a tonne at 0704 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange closed up 0.6% to 52,590 yuan ($7,699.63) a tonne.
While local production is likely to find respite in the seaborne market as exports, Fitch Solutions said it believes that will not be enough to offset the decline in domestic consumption, especially as the global demand situation itself remains muted.
Three-month nickel on the London Metal Exchange rose as much as 0.6% to $15,245 a tonne, its highest since Nov. 14, before easing to $15,200 a tonne, up 0.2% at 0703 GMT.
Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods.
Benchmark copper on the London Metal Exchange (LME) was down 0.1% at $6,382 a tonne at 1048 GMT
Indian shares fall as metal, private banks slip
Platinum and palladium are used mainly in engine exhausts to reduce emissions.
Three-month copper on the London Metal Exchange (LME) eased 0.5 per cent to $4,826.50 a tonne.
Benchmark three-month copper on the London Metal Exchange (LME) was down 6.3 per cent at $4,509 a tonne.
The local currency on Monday plunged 50 paise to 74.25 against the dollar.
The only standout in the group is nickel, which has surged amid concerns about tight supply.
RCEP includes the 10-nation Association of Southeast Asian Nations (Asean), China, India, Japan, South Korea and New Zealand.
| Name | DIN | Designation | Date of joining | |
|---|---|---|---|---|
| Vijaya Arun | Unlock to View | Unlock to View | Director | 16 Mar,2011 |
| Sarathi Arun | Unlock to View | Unlock to View | Managing director | 24 Oct,1988 |
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