Successful Spanish bond sale, favorable economic data from eurozone front, improved market sentiments and a weaker Dollar Index helped base metals to recover most of its earlier losses.
In addition to this, positive forecast for global economic growth from the IMF also supported metal prices. However, fall in housing starts and factory production in the US capped further gains in metal prices on the LME.
Copper
Copper rose around 0.4 percent on the LME and touched an intraday high of $8078.50/tonne on Tuesday.
The red metal prices gained on account of a successful Spanish bond sale and improved investor confidence in Germany eased worries over eurozone debt tensions.
Additionally, positive forecast from IMF and a weaker Dollar Index also helped further upside in copper prices.
Zinc
Zinc prices decline around 0.7 percent on the LME and by 0.8 percent on the MCX on Tuesday. LME inventories of zinc rose 1.1 percent to 912,150 tonnes yesterday and this acted as a negative factor for this metal.
On the MCX, Zinc April contract touched an intra-day low of Rs. 102.70/kg and closed its trading session at Rs. 102.95/kg yesterday.
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Base Metals Recover On Weak US Dollar Index: April 18, 2012
Published 04/18/2012, 08:51 AM
Updated 05/14/2017, 06:45 AM
Base Metals Recover On Weak US Dollar Index: April 18, 2012
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