Industrial metals daily review

Industrial metals (copper, aluminium, nickel, etc.) daily review. Industrial metals prices edged higher on Wednesday after upbeat economic data from the United States bolstered brighter demand prospects and helped to counter the bearish impact of a stronger dollar. IN FOCUS. - Global consumption of copper for the 2009 calendar year was 18.43 million tonnes which was 1.8 percent higher than the same period of the previous year," the British-based consultancy said in a monthly report. - Canadian mining giant Barrick Gold Corp. says it's pushing ahead with plans to develop a massive copper and gold deposit in western Pakistan despite comments this weekend from the region's top government official that the Toronto-based company will be shut out of the project. - The global copper market recorded a surplus of 209,300 tonnes in 2009, down from 380,000 tonnes in 2008, the World Bureau of Metals Statistics (WBMS) said on Wednesday. World mine production of copper in January to December was 15.88 million tonnes, 2.2 percent higher than in 2008. Refined production rose by 0.9 per cent to 18.64 million tonnes. - WBMS said the lead market was in deficit by 19,900 tonnes in 2009 compared to a deficit of 93,000 tonnes in 2008 and the zinc market was in surplus by 207,000 tonnes in 2009 versus a 2008 surplus of 181,000 tonnes. - The nickel market was in surplus during 2009, with supply exceeding apparent demand by 3,000 tonnes, while in the tin market there was a 2009 surplus of 12,900 tonnes in 2009. - The aluminium market registered a surplus of 587,000 tonnes in 2009, versus a surplus of 1.9 million tonnes in 2008, WBMS said. FUNDAMENTAL OUTLOOK. Industrial metals are trading a tad lower on international bourses. We expect industrial metals to be a victim of profit-booking today after a series of continuous upside rally. Sell on rise is recommended in industrial metals complex.