Friday, 6 July 2018

Market Live: Sensex, Nifty trade higher; Varroc Engineering lists with 5% premium

                               
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Metal in focus: Metal stocks are in focus today as US tariffs are set to take effect


Price of metals has already fallen while global markets are readying themselves for new tariffs from the US in China worth USD 34 billion worth of goods which does not augur well for the metal space.


In the recent weeks, there have been selloffs but it seems things are going from bad to worse. Copper and zinc prices are trading at 11-month lows. 


Nickel and lead decline nearly a couple of percentage points and they are trading at May lows as well.

Steel and iron ore prices started softly in the Asian markets right now. But the only metal that is trading in the positive is aluminum and that is because China has released a statement saying that they will shut down some smelters to ensure environment control and that would lead to some curb in the output.


Crude oil prices also continue to look at the supply concerns. US President Trump on Thursday told the Organisation of the Petroleum Exporting Countries (OPEC) to reduce prices now and to increase output substantially.

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