MCX Advisory

The Minister of Steel, Shri Beni Prasad Verma has said that during the year 2011-12, the country's total production of iron ore was 169.66 million tonnes (provisional) as against the total estimated consumption of about 116.3 million tonnes by the domestic iron and steel industry. Therefore, production of iron ore in India was in excess of the total estimated domestic consumption by the iron and steel industry. 

As per the available information, the hard coking coal spot prices are on a declining trend in international market during last one year and have fallen from the level of $310 per tonne in June, 2011 to $145 per tonne in October, 2012 (Free on Board (FOB) Australia; Source: SBB, as provided by Economic Research Unit, Ministry of Steel).

Mcx Advisory Base Metal

Base metals pack was subdued before the weekend on account of Eurozone Finance Ministers meet that is due on Monday. The Greece crisis and its bailout package is the agenda for the meet that went undecided this week.

LME Copper was in a tight range trading at $ 7686 per tonne down 0.63%. The metal closed at $ 7735 per tonne on Thursday, up by $ 11 per tonne. MCX Copper remained trading in a range of Rs 429-426 per kg on Thursday before settling at Rs 426.6 per kg, up 0.19%.

Even Nickel has started witnessing pressure after four consecutive days of gains. The stainless steel material is down by $ 194 per tonne at $ 16531 per tonne. MCX Nickel closed at Rs 913 per kg, down Rs 4.

The decline in consumer confidence data of Eurozone has cornered the gains in industrial metals. European Commission said that Euro zone consumer confidence fell to an annual rate of -26.9, from -25.7 in the preceding month whose figure was revised down from -25.6.

The news of manufacturing numbers that were on a supportive side for the metals has been discounted. Traders are likely to start fresh next week and will seek cues from China and other consuming nations of metals.

Last night, Euro zone's manufacturing PMI rose to 46.2 in October, from 45.4 in the preceding month. German manufacturing PMI rose to a seasonally adjusted 46.8, from 46.0 in the preceding month. France Manufacturing PMI gained to 44.7 in October, compared to 43.7 in September.