The base metals complex ended lower on the LME in yesterday’s trading session.
In the initial part of the trade, base metals traded higher due to positive growth outlook from the IMF, but strength in the US Dollar Index coupled with escalating concerns with respect to Europe’s debt crisis exerted downside pressure on metal prices in the later part of the trading session.
However, depreciation in the Indian rupee led gains in copper, zinc and nickel prices on the MCX while cushioned further decline in case of aluminium and lead.
Copper
Copper declined around 0.5 percent on the LME on Wednesday, as mounting worries over eurozone debt crisis weakened demand outlook for the copper.
Additionally, a stronger dollar and weak market sentiments also acted as a negative factor for the red metal prices yesterday. Copper touched an intra-day low of $7986/tonne and ended its trading session at $8019.25/tonne on Wednesday.
On the MCX, Copper April contract rose around 0.3 percent due to depreciation in the rupee.
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Base Metals Settle Down On Global Debt Worries: April 22, 2012
Published 04/20/2012, 05:16 AM
Updated 05/14/2017, 06:45 AM
Base Metals Settle Down On Global Debt Worries: April 22, 2012
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