The base metals pack traded higher on the LME in yesterday’s trading session as signs that the Federal Reserve and Bank of Japan will go for monetary stimulus in order to boost growth resulted in weakness in the US Dollar Index and upbeat sentiment in the global market.
This also overshadowed a negative impact of an unexpected rise in US unemployment claims data. However, appreciation in the Indian rupee held further gains on the domestic bourses on Thursday.
Copper
Copper, the leader of the base metals complex, rose by 2 percent on the LME and around 1.4 percent on the MCX on Thursday.
The red metal prices gained on the back of a weaker Dollar Index, fall in copper inventories and upbeat market sentiments. The red metal hit an intra-day high of $8238/tonne and ended at $8210/tonne.
MCX Copper April contract touched an intra-day high of Rs. 423.10/kg and closed at Rs. 421.5/kg yesterday.
This also overshadowed a negative impact of an unexpected rise in US unemployment claims data. However, appreciation in the Indian rupee held further gains on the domestic bourses on Thursday.
Copper
Copper, the leader of the base metals complex, rose by 2 percent on the LME and around 1.4 percent on the MCX on Thursday.
The red metal prices gained on the back of a weaker Dollar Index, fall in copper inventories and upbeat market sentiments. The red metal hit an intra-day high of $8238/tonne and ended at $8210/tonne.
MCX Copper April contract touched an intra-day high of Rs. 423.10/kg and closed at Rs. 421.5/kg yesterday.