Free Recommendation Update :
Book Profit in Lead,Bought @ 103.35,Cmp:103.85,Target1 Achieved,Profit:2500+ per Lot – http://www.Commodity20.com ,07.09.12,03:01 PM
SHFE Inventories Data :
Copper inventories monitored by the Shanghai Futures Exchange declined for a second week, while those of aluminum climbed for an eighth week as per the weekly Inventory release data. Copper Down by 6992 metric tons Aluminum Up by 11777 metric tons Zinc Up by 3126 metric tons
It may support gains in Copper prices, even the Chinese National Development and Reform Commission has backed government projects of infrastructure and may support gains in base metals.
BASE METALS NEWS UPDATE:
Base metals are heading for the biggest weekly gain in the quarter, after China approved new infrastructure projects, supporting the demand outlook in the world’s biggest consumer of the metal.
The government backed construction plans including roads of nearly 2018km, high speed trains and warehouses, statements on the National Development and Reform Commission’s website. Followed by approval of higher spending on railroads may continue to support gains in base metals