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Base Metals:
Base metals may open on flat note amid mixed movement in SHFE. Copper rose on Monday as market sentiment brightened in the wake of solid US manufacturing data last week, while expectations that emerging market demand will pick up later this year also supported prices in holiday thinned trade. Chile`s Codelco on Monday sought to avert a 24-hour strike by workers demanding a bigger say in the restructuring of the world`s top copper miner. Union leaders called for a walkout on July 11 to halt operations at all six mines owned by Codelco, which produces 9% of the world`s total mined copper. Workers at each mine still have to ratify the strike action in a vote.
Energy:
Energy prices may also trade flat waiting for further economic data and European news. U.S. crude futures edged up on Tuesday to remain above USD 95 a barrel, ahead of U.S. factory orders data gauging the strength of the world`s top economy and oil consumer. It is expected that China will step up efforts to cool its economy which will temper fuel demand. The IEA, an adviser to 28 oil-consuming nations, said June 23 its members will release 60 million barrels of crude and oil products, the first such deployment in five years, after the Organization of Petroleum Exporting Countries failed on June 8 to announce a plan on making up for halted Libyan exports.
Base metals may open on flat note amid mixed movement in SHFE. Copper rose on Monday as market sentiment brightened in the wake of solid US manufacturing data last week, while expectations that emerging market demand will pick up later this year also supported prices in holiday thinned trade. Chile`s Codelco on Monday sought to avert a 24-hour strike by workers demanding a bigger say in the restructuring of the world`s top copper miner. Union leaders called for a walkout on July 11 to halt operations at all six mines owned by Codelco, which produces 9% of the world`s total mined copper. Workers at each mine still have to ratify the strike action in a vote.
Energy:
Energy prices may also trade flat waiting for further economic data and European news. U.S. crude futures edged up on Tuesday to remain above USD 95 a barrel, ahead of U.S. factory orders data gauging the strength of the world`s top economy and oil consumer. It is expected that China will step up efforts to cool its economy which will temper fuel demand. The IEA, an adviser to 28 oil-consuming nations, said June 23 its members will release 60 million barrels of crude and oil products, the first such deployment in five years, after the Organization of Petroleum Exporting Countries failed on June 8 to announce a plan on making up for halted Libyan exports.