As per market sources, almost 50% of the total arrivals have been reported during the August 1- November 30 of the new season. The total production of the current year is likely to be around 14000-15000 tonnes.
Some of the slowing reflected temporary factors, and as these passed, the pace of expansion in the United States and much of Asia began to pick up around midyear. China's growth has been slowing, as policymakers there had intended. Trade in Asia is now, however, seeing some effects of a significant slowing in economic activity in Europe.
The sovereign credit and banking problems in Europe, to which European governments are still seeking to craft a full response, are likely to weigh on economic activity there over the period ahead. This, together with precautionary behavior by firms and households, means that the likelihood of a further material slowing in global growth has increased.
Commodity tips prices have reflected this, declining further over recent months and taking pressure off CPI inflation rates. This has increased the scope for some easing in monetary policy in a number of countries. China, the world's largest exporter and second largest economy, is seeking a sustainable development mode for its foreign trade as emerging problems, such as rising production costs and environmental damage, lead to the choice.
A white paper on the country's foreign trade released Wednesday by the Information Office of the State Council said that China will turn the development mode of foreign trade from extensive to intensive because low-cost advantage of export-oriented industries has been greatly weakened, as labor costs rise and prices of resources, energy and other production factors spiral upward.
In its efforts to reduce environmental damage, the country will also promote energy conservation and emission reduction in foreign trade development. The paper said that the Chinese government has lowered and even abolished export tax rebates for some energy-intensive, heavily-polluting and resource-based products since 2004. As a result, in recent years such products have seen their proportion in exports decreasing, while the export of new-energy, energy-conserving and environmental-friendly products has grown by a big margin, the paper said.
Gold futures have been trading flat in the Asia session today and may extend its week's losses later in the session as the traders turn cautious ahead of the Friday summit.
Investors optimism that S&P warning would propel the European leaders into more decisive action at this week's summit on 9th and also enforce ECB to ease the interest rates in its policy meeting on Thursday is paving the way for base metal prices to move in positive direction during the mid morning on Wednesday, 7th December.
Comex Copper future for most active March contract was trading at $3.604 a pound, edged up by 0.8% (3 cents). SHFE copper future for the most active February contract was trading at 58330 yuan per tonne, up 1.41% (810 yuan). Likewise at MCX, Copper for delivery in February firmed by 0.72% or Rs 2.95 at Rs 411.35 per kg with its high at Rs 411.8 per kg and low at Rs 409.25 per kg.
Financial risks are elevated amidst the European summit on Thursday and Wednesday during this week as the viability of implementing the aggressive measures to stem the crisis and the leeway for disappointment are equally biased and prompted the investor's to take off their most of the short positions.
The S&P rating agency and key European and US officials support for French and German proposals to alter European Union treaties in order to bolster fiscal discipline was also weighing on the sentiment.
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