首页|Nickel Supported By Fund Buying, Copper Set To Dip
Nickel Supported By Fund Buying, Copper Set To Dip
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NSTL
The base metals saw a disappointing end to the week after what had looked like a promising start to the session. Nickel fell from its 19-month high of 7,765 dollars a metric ton while copper managed to halt its downside but looks vulnerable to renewed fund long liquidation in the near-term. Sentiment as dented by a weaker than expected University of Michigan consumer sentiment index, which dropped to 86.5 in July, compared with an anticipated 91.0 - its lowest level since November 2001. Players said end of week short-covering restricted the losses, however. Closing the kerb at 7,700 dollars /ton, dealers said three-month nickel is underpinned by further fund buying and short-covering, with chart-based buying and tightness emerging for September dates. Three-month metal was quoted as trading in a backwardation of 7 dollars /ton by the end of the session. Copper rallied away from the intraday's low of 1,627.50 dollars /ton, with the market assisted by end of week short-covering. Yet with the market long, players said ongoing speculative liquidation is expected to continue to hamper upside advances, especially amid weak stock markets and concerns about the pace of global economic recovery.
NSTL
