11/15/2010 09:10:00 PM
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Zinc inventories fell 450 tonnes to 631425 tonnes against 631875 tonnes recorded on November, 12, 2010, while aluminium also witnessed steep decline in inventories at 4252125 down 425 points from 4252550 tonnes.
However, Lead inventories increased sharply by 2675 tonnes at 205450 tonnes against 202775 tonnes.
Nickel inventories also rose but at a slower pace. The nickel stocks at the LME warehouses rose 66 tonnes from 130356 tonnes to 130422 tonnes.
Copper consumption seems robust as the inventories of the red metal fell 75 tonnes to 362700 tonnes against 362775 tonnes.
Higher output outlook and increased arrivals in the markets set the selling sentiment on the bourses today.
The selling was also atributed to the weak global cues. Malaysian CPO futures was down more then 1%. The benchmark January contract slipped to the low of MYR 3278 and the contract is currently trading lower at MYR 3313, down MYR 40 from the last close.
Meanwhile, E-CBOT Soya Oil December contract traded at 51.55, down 0.98 cents per pound from the Friday's close.
On the Indian commexes the cooking oil remained range-bound. NCDEX Refined Soya Oil for the December delivery traded in the range of Rs 578-Rs 568.40 per 10 kg.
