Copper trading range for the day is 381.8-391.8. Copper prices slipped on selling triggered by a higher dollar, lower imports of the metal by top consumer China and rising inventories. Speculators cut their bullish position in Comex copper futures and options by 7,851 lots to 70,660 lots. Chile expects economic activity growth to be hit by around 1% in February because of a strike as output slides 12% year-on-year.
Zinc trading range for the day is 177.0-181.4. Zinc gained on short covering after fresh update that a 3-1/2-week strike at Noranda Income Fund’s zinc processing facility in Quebec is showing no signs of ending Meanwhile, the global demand for industrial metals has improved with China unexpectedly posting its first trade gap in three years in February. U.S. private sector job growth recorded its biggest increase in more than a year in February amid a surge in construction and factory hiring.
Nickel trading range for the day is 656.9 – 712.3. Nickel prices dropped as pressure continues on expectations Philippines may soften mine closure plans. BMI expects refined nickel prices to ease over a three-to-nine month horizon, as Indonesia resumes exports and as major nickel mines in the Philippines. Philippine President Rodrigo Duterte said he hopes there will be a “happy compromise” between the mining industry and protecting the environment
Aluminium trading range for the day is 124-126.4. Aluminium dropped tracking other base metals after solid U.S. jobs data increased the likelihood of an interest rate hike this month. In February, Rusal made an indicative offer of a premium of $125 per tonne to Japanese buyers for April-June primary metal shipments, according to sources. Aluminium stocks at three major Japanese ports fell slightly from the previous month to 273,100 tonnes at the end of January.