COPPER: Peru Energy & Mines Ministry data show the country’s copper output increased 5.42% year-on-year to 178,283 tonnes in February 2017, wenhua.com reported.The country’s mining industry only grew 47% in February, compared to 33.59% in the same period of last year. Extraordinary rainstorm took a toll on the country’s road and other facilities this year.The country’s copper production added 38.4% year-on-year to 2.35 million metric tonnes in 2016.
ALUMINIUM: Alumina prices in Chinese market will slow down the pace of declines since current low prices will attract buying further, SMM foresees.Profit margins at domestic aluminum producers increased rapidly due to lower alumina prices and rising aluminum prices. Aluminum producers are expected to increase alumina purchases further as market prices have dropped to their psychological procurement price range. This will help narrow price declines.
GOLD: Economic and political developments are likely to continue favoring gold, attracting new market participants who do not want to miss out on the next big rally, said Jeffrey Nichols, managing director of American Precious Metals Advisors and senior economic consultant for Rosland Capital. “We think the news — both economic and political — will continue to favor the long side of the market, with gold more likely than not to ratchet up into a higher and wider trading range in the next few weeks.” Much of the recent trading has been by a small number of hedge funds and institutional speculators, Nichols added.
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