By Vibin Antony
Major base metal prices and inventories at London Metal Exchange showed a negative trend on Wednesday after the Federal Reserve signaled it would stick to plans for a rate hike this year, drawing back liquidity that has underpinned metals.
Prices for LME copper down by 1.29% to $5485.50 a ton on Wednesday, while inventories rose by 7825 tons to 244675 tons and a cancelled warrants ratio of 9.44%. Prices for LME tin ans zinc declined on Wednesday, while aluminium alloy remained flat.
The Federal Reserve on Wednesday said the U.S. economy was expanding "at a solid pace" with strong job gains, in a signal that the central bank remains on track with its plans to raise interest rates this year.
However, Prices for LME nickel, aluminium and lead advanced on Wednesday. Prices for LME nickel gained by 1.74% to $14930 a ton on Wednesday, while inventories down by 374tons to 423726 tons and a cancelled warrants ratio of 26.57%.
Latest LME Inventories and Cancelled Warrants Ratio are given Below:
Major base metal prices and inventories at London Metal Exchange showed a negative trend on Wednesday after the Federal Reserve signaled it would stick to plans for a rate hike this year, drawing back liquidity that has underpinned metals.
Prices for LME copper down by 1.29% to $5485.50 a ton on Wednesday, while inventories rose by 7825 tons to 244675 tons and a cancelled warrants ratio of 9.44%. Prices for LME tin ans zinc declined on Wednesday, while aluminium alloy remained flat.
The Federal Reserve on Wednesday said the U.S. economy was expanding "at a solid pace" with strong job gains, in a signal that the central bank remains on track with its plans to raise interest rates this year.
However, Prices for LME nickel, aluminium and lead advanced on Wednesday. Prices for LME nickel gained by 1.74% to $14930 a ton on Wednesday, while inventories down by 374tons to 423726 tons and a cancelled warrants ratio of 26.57%.
Latest LME Inventories and Cancelled Warrants Ratio are given Below:
In the above table Green and Red indicate up and down in Inventories respectively.
Data Courtesy to LME, (This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
Data Courtesy to LME, (This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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