FMCG Stock Jumps 62% in 10 Days; Here’s the Reason Why
COPPER
Copper trading range for the day is 403.1-414.3.
Copper rose after Washington struck a deal to avert a tariff war with Mexico, boosting sentiment on trade and helping ease concerns about a global slowdown.
China's unwrought copper imports fell 10.9% from the previous month to 361,000 tonnes in May, according to official customs data.
Unions at Chile's Chuquicamata copper mine expressed disappointment in state-run miner Codelco's latest contract offer but agreed to extend negotiations.
Warehouse stock for Copper at LME was at 211350mt that is down by -225mt.
ZINC
Zinc trading range for the day is 202.2-206.4.
Zinc remained supported after a migration deal between the United States and Mexico late last week to avert a tariff war.
China's exports unexpectedly returned to growth in May, but imports fell in a further sign of weak domestic demand that could prompt Beijing to step up stimulus measures.
The US Commerce Department said that wholesale inventories rebounded 0.8% in April, instead of increasing 0.7% as previously reported.
Warehouse stock for Zinc at LME was at 101300mt that is up by 875mt.
NICKEL
Nickel trading range for the day is 842.2-866.
Nickel gained as US dollar dropped as disappointing US nonfarm payroll figures boosted speculation of an interest rate cut from the Federal Reserve.
Production of refined nickel in China held stable in May, rising 2.62% from April to 12,900 mt due to the long month.
With steady production across smelters, the output of refined nickel is expected to fall 2.56% to 12,600 mt in June which has fewer working days.
Warehouse stock for Nickel at LME was at 163896mt that is down by -72mt.
Aluminum
Aluminum trading range for the day is 140.8-144.6.
Aluminum gained as support seen after the United States dropped its threat to impose tariffs on Mexico.
China's aluminum exports rose 7.6% month-on-month, the customs data showed.
Aluminum output Jan-May falls 1.3% on the year as operating capacity remains low
Warehouse stock for Aluminium at LME was at 1105750mt that is down by -5725mt.
