The base metals complex traded on a mixed note in the last week on account of escalating tensions with respect to eurozone debt worries coupled with increasing worries over global economic growth.
Additionally, reduced expectations of monetary stimulus from the Fed led to a rise in risk-aversion in global markets which also exerted downside pressure on metal prices. Moreover, mixed economic data from the US also acted as a negative factor for prices.
Copper
Copper prices declined around 0.8 percent on the LME and around 0.2 percent on the MCX last week. A rise in LME as well as Shanghai inventories and a stronger dollar exerted downside pressure on red metal prices.
Weekly copper inventories at warehouses monitored by the Shanghai Futures Exchange increased sharply by 1.5 to 222,092 tonnes last week. The red metal inventories on the LME warehouses rose around 3.3 percent to 264,775 tonnes on 6th April 2012 from the previous level of 256,275 tonnes on 30th March 2012.
Copper touched a low of $8314/tonne and closed at $83.65.50/tonne last week. On the MCX, the Copper April contract hit a low of Rs. 429.30/kg and ended its trading session at Rs. 430.05/kg last week.
Nickel
Nickel witnessed sharp gains in the last week, mainly on the back of increased demand of metal from alloy industries. Nickel prices rose 2.6 percent on the LME and around 6 percent on the MCX last week.
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Base Metals Settle Lower On US Economic Data: April 9, 2012
Published 04/09/2012, 05:59 AM
Updated 05/14/2017, 06:45 AM
Base Metals Settle Lower On US Economic Data: April 9, 2012
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