Friday, 21 December 2012

MCX & Commodity News For the Weak

Industrial metals prices slipped yesterday due to uncertainty over the outlook for demand, increased by a fall in the number of U.S. house building projects being started in November, while investors also kept a close watch on budget talks in the United States.  European lead and zinc premiums were unchanged this week as prices on the London Metal Exchange remained elevated with lead prices touching a year high, market participants said. South Africa is drawing up laws to force platinum and iron ore miners to sell "small amounts" of production to local processors at a discount to diversify its economy, a top trade ministry official said on Wednesday.
Nickel and gold miner MRL Gold Philippines Inc. will invest $100 million in a nickel processing plant in Agata, Surigao del Norte in 2014. The plant, once operational, will process up to 500,000 metric tons of nickel ore to produce 7,000 metric tons of nickel annually using the cheaper atmospheric leach process. Some banks have tightened credit for imports of refined copper by China, the world's largest consumer of the metal, as stocks pile up in bonded warehouses and prices hover below London rates, reducing buying of the metal and keeping premiums low. Global stainless steel output rose 2.9 percent for the first nine months of the year compared with the same period last year, boosted by record production in the third quarter, the industry body ISSF said in a report on Tuesday


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