MUMBAI: Metal stocks, hurt by a weak trend on the London Metal Exchange last Friday, are among the prominent losers in the markets today. Mirroring their fall, the BSE Metal index had drifted down by around 2.85% in early noon trade and is now down 1.11%.

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Base metal counters snapped recent rally

Prices are down in the range of 10-15% MTD

Copper prices slid to three-month low

Aluminum, nickel prices at multi-month low

Weak fundamentals weigh

Commodity prices falling on European sovereign debt crisis

Concerns over global demand have put pressure on prices

LME warehouse inventories at their highest level

Copper inventories gained 45% this year, aluminum stocks at highest level

Global markets for zinc, copper, aluminum in surplus

Metal availability outpacing demand

US dollar strength

US dollar strengthening against euro, basket of currencies

Strong dollar erodes commodities investment/hedge appeal

Future prospects

Recent macro indicators are encouraging

Factory data, Chinese export buoy markets

Global economy on the recovery process

Industrial production set to strengthen