Easing worries over eurozone debt tensions in the later part of the week, successful Spanish bond auctions, revival in the global markets and weakness in the US Dollar Index helped the base metals complex to trade higher on the LME last week with nickel being an exception.
Nickel inventories on the LME warehouses rose around 1.8 percent to 100,080 tonnes last week and this acted as a negative for nickel prices.
Copper
Copper prices rose around 2.2 percent on the LME and by 2.7 percent on the MCX last week. Fall in LME as well as Shanghai inventories and a weaker Dollar Index acted as a positive factor for red metal prices.
Additionally, a successful Spanish bond sale and easing worries over eurozone debt tensions also helped further upside in prices.
Weekly copper inventories at warehouses monitored by the Shanghai Futures Exchange decreased sharply by 4.8 percent to 211,170 tonnes last week.
The red metal inventories on the LME warehouses also dropped around 1.2 percent to 261,150 tonnes on 20th April 2012 from the previous level of 261,700 tonnes on 13th April 2012.Copper touched a high of $8217.75/tonne and closed at $8181.75/tonne last week.
On the MCX, the copper April contract hit a high of Rs. 426.40/kg and ended its trading session at Rs. 424.8/kg last week.
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Base Metals Settle Higher On Eurozone Worries: April 23, 2012
Published 04/23/2012, 08:10 AM
Updated 05/14/2017, 06:45 AM
Base Metals Settle Higher On Eurozone Worries: April 23, 2012
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