Market Commentary
Base metals :traded firm last week, with positive sentiments
investors hoped that the China would recover. Case for
lower rates was building, pointing to an easing of monetarypolicy as early as next month. This pushed the US dollarindex for its biggest two-day drop this year following theFed announcement. Both nickel and copper touched thehighest levels in more than three weeks, partly fuelled byspeculators buying back bearish positions.
Perspective
best week since the week ended March 29, buoyed by theimpending restart of trade talks between the US and Chinaand signs the Fed may cut interest rates as early as next month.
The metal has also found support from strike action at theChuquicamata copper mine in Chile. Unions atChuquicamata have called on members to reject asweetened contract offer from Codelco, the world's largest
copper producer, amid a nearly week-long strike that hashalved output from the mine. It produced 320,000 finemetric tons of copper last year and employs 4,300 miners,making it Codelco's third-most important mine.Copper inventories in warehouses monitored by the ShFEfell 3.4% from a week earlier to 134,747 tonnes, while LMinventories have been mixed with huge deposits seen
during the last fortnight
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