Metals pack has been witnessing a bloodbath not seen since long time. The whole basket has opened considerably lower on the back of weak Chinese Q1 GDP numbers. China National Bureau of Statistics showed that the GDP unexpectedly slowed down to 7.7 percent in first quarter of 2013, compared to 7.9 percent of GDP for final quarter of 2012.
According to preliminary statistics, the GDP totaled 11.89 trillion yuan or $ 1.9 trillion in the first three months. China's full-year annual growth in 2012 eased to 7.8 percent, its weakest since 1999.
Indian Copper opened with heavy losses and after almost half hour of trading since opening was quoting at Rs 399 per kg, down 1.4 percent. The metal looks further prone to correct towards Rs 396-395 per kg during the day. The correction has been on account of weakness in London Metal Exchange prices. LME Copper three month prices were at $ 7427 per tonne, down $ 120 per tonne since last week.
Among other metals, galvanizing material Zinc is down by $ 7 per tonne in LME and was seen at $ 1870 per tonne. Indian Zinc was trading at Rs 99.8 per kg, down 1 percent from last week. Heavy imports in India and rising production levels are creating overcapacity of steel in the markets. Zinc is majorly used to galvanize steel. In China, overcapacity and strictness in property deals is dampening the prices. China is dumping its steel produce in other countries like India.
Nickel that is used to produce austenitic steel grades was trading at Rs 852 per kg, down 1.4 percent. LME Nickel was down by $ 159 per tonne at $ 15856 per tonne.
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