By Paul Ploumis 04 Sep 2015 Last updated at 04:10:29 GMT
Commodities
Base Metals: LME metals increased in the first held as risk sentiments improved on speculation that Fed may go for delay in rate hikes on downbeat of US economic data but later on ECB Draghi dovish comment put pressure on Euro against USD. Copper took a breather today but was set to log a second weekly gain, with traders expecting a short-covering rally to gain steam given thin liquidity due to holidays in China. Nickel climbed 2%, Copper 2.5%, Aluminum 1% while lead and zinc stabilized last night. We may see some correction in initial trading but buying can do in specific counters like copper, Nickel as recovered well from six years low. Copper also getting support from supply disturbances as Peruvian mine shut due to strikes. Zinc and lead looks flattish as overvalued counters.
| Metals | Total Inventories | Cancelled Warrants (CW) | Change in Stocks | Change in CW | CW % of Total Inventory | Remarks |
| Aluminum | -8525 | 3237800 | 500 | 1226475 | 37.88 | CW ratio started improving from the lowest pace |
| Copper | -1850 | 360825 | 12900 | 65575 | 18.17 | Canceled warrants jump 36% to highest since July 14 |
| Nickel | -366 | 453678 | -2406 | 157980 | 34.82 | Stocks have fallen very sharply from highest levels in record |
| Lead | -3750 | 179500 | 0 | 34550 | 19.25 | Cancelled warrants 26% in the last week |
| Zinc | -225 | 528900 | 0 | 145675 | 27.54 | Stockpiles in Antwerp double to highest since Feb 14 |
Courtesy : Emkay Commotrade
Emkay Commotrade Ltd.
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