The base metals complex traded higher on the LME in yesterday’s trade session, with copper being the exception.
Soothing comment from the ECB official that they may go for the Securities Markets Programme facility to help Spanish bond market led rise in risk appetite in the global markets which supported upside in the base metals pack on Wednesday.
Additionally, weakness in the US Dollar Index also acted as a positive factor for metals. However, appreciation n the Indian rupee capped gains on the domestic bourses.
Copper
In case of copper, demand concerns from China for the red metal acted as a negative factor for copper prices on Wednesday. The metal dropped around by 0.4 percent on the LME and around 0.7 percent on the MCX yesterday. However, further fall in prices was cushioned on the back of weakness in the US Dollar Index.
Copper touched an intra-day low of $8018/tonne and closed at $8046.80/tonne. On the MCX, Copper April contract hit an intra-day low of Rs. 415/kg and ended its trading session at Rs. 415.60/kg.
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Base Metals Settle Higher On Weak US Dollar: April 12, 2012
Published 04/12/2012, 05:08 AM
Updated 05/14/2017, 06:45 AM
Base Metals Settle Higher On Weak US Dollar: April 12, 2012
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