Mixed sentiments in the global markets due to concerns with respect to global economic growth coupled with a stronger dollar exerted downside pressure on the base metal prices on the LME on Thursday.
Appreciation in the Indian Rupee led further decline on the domestic platform yesterday. Copper, the leader of the base metals pack, declined on the back of demand concerns from China, the world’s largest metal consumer.
Lead
Lead was the worst performer on Thursday, as the metal declined sharply by 3.2 percent on the LME and around 3.6 percent on the MCX.
Sharp rise in LME lead inventories, mixed sentiments in the global markets and a stronger dollar exerted downside pressure on prices.
Lead inventories rose around 1 percent to 370,000 tonnes on the LME warehouses yesterday. On a weekly basis, inventories increased sharply by 7 percent from the previous level of 345,850 tonnes on 25th January.
On the MCX, Lead February contract touched an intra-day low of Rs104.8/kg and closed at the level of Rs105.9/kg on Thursday.
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Base Metals Edge Lower on Firm US Dollar
Published 02/03/2012, 07:26 AM
Updated 05/14/2017, 06:45 AM
Base Metals Edge Lower on Firm US Dollar
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