Base Metal Tips

China PMI data has not been able to move industrial metals in a profit zone on Thursday. The data increased less than expected but was still above the all crucial 50 mark. China Logistics Information Center said that Chinese Manufacturing PMI rose to an annual rate of 50.20 in the month of October, from 49.80 in the preceding month.

LME three month Copper was at $ 7791 per tonne on Thursday, down $ 30 per tonne. The expectations that the Chinese data will bring some respite from selling in metals faded. In Shanghai, gains in Copper February contract were limited to 120 yuan per tonne at 56860 yuan per tonne. MCX Copper moved beyond Rs 420 mark yesterday and ended at Rs 419.7 per kg, down 0.35%. The metal tested a high of Rs 425.3 per kg and a low of Rs 419.4 per kg.

In other metals, Nickel three month forward was down by $ 10 per tonne, at $ 16260 per tonne. From last year comfortable position at $ 28000 per tonne, the metal has moved sharply lower on expectations of increased production and lower demand from stainless steel makers. MCX Nickel managed marginal uptick of 0.36% to close at Rs 878 per kg. China MIIT data showed 45 percent of the country's steel companies were suffering losses in the first nine months of 2012.

Euro has been firming up against the Dollar on expectations of more policy action by European makers for Greece. The Dollar was at 1.2963 against the Euro, down 11 pips. The policymakers in Europe were likely to give Greece more time to meet the austerity measures. Meanwhile, Greece was on the edge to become insolvent if the deal with creditors didn't move forward.