China National Bureau of Statistics said on Friday that China's consumer price index (CPI), the main gauge of inflation, grew 1.7 percent year on year in October. The inflation growth rate came at the slowest pace since January 2010. Consumer Price Inflation fell unexpectedly to negative 0.1 percent in October compared to 0.3 percent in the month of September.
On Thursday, U.S. Bureau of Economic Analysis said that the U.S. trade deficit narrowed to a seasonally adjusted $ 41.5 billion in September from a deficit of $ 43.8 billion in August. Meanwhile, jobless claims declined during the week ending 3 November 2012. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits fell by 8000 to a seasonally adjusted 355000.
The European Central Bank (ECB) decided on Thursday to leave interest rates unchanged and said it was ready to start its new bond-buying plan. Speaking on the occasion ECB President Mario Draghi said, Inflation expectations for the euro area remain firmly anchored in line with our aim of maintaining inflation rates below, but close to 2 percent over the medium term.
ECB announced the Eurosystem was going to introduce second series of euro banknotes, named Europa series. The new banknotes will be introduced gradually over several years, starting with the 5 euros banknote in May 2013.
LME Copper was trading at $ 7691 per tonne on Friday, up $ 83 per tonne from a day before. MCX Copper managed to pull some gains in choppy trades ending at Rs 416.8 per kg, up 0.4 percent. The metal tested a high of Rs 417.7 per kg and a low of Rs 413.4 per kg.
Lead continued to maintain a premium on cash prices of $ 9 per tonne and was relaxed at $ 2208 per tonne, up $ 25 per tonne from last night close. MCX Lead was up by 1.77% to Rs 121.2 per kg. Lead tested a high of Rs 121.3 per kg, and a low of Rs 118.4 per kg.
LME Aluminium was trading at $ 1925 per tonne, up $ 5 per tonne. MCX Aluminium ended at Rs 104.3 per kg, down 0.10 percent.
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