The base metals pack delivered a mixed performance on the LME with copper, aluminium and zinc ending in the red while nickel and lead ending in a positive territory.
Unfavourable GDP data from China increased demand concerns from the world’s largest metal consumer. Additionally, weak consumer sentiments data from the US also acted as a negative factor for base metals price last week.
However, depreciation in the Indian rupee (INR) cushioned further decline on the domestic platform. The INR depreciated around 0.8 percent and closed at 51.54 last week.
Copper
Copper was the worst performer amongst the base metals complex last week, as the red metal dropped sharply by 4.4 percent on the LME and around 3.8 percent on the MCX.
Copper prices declined on account of unfavorable economic data from US and China and rising worries over global economy increased demand concerns for the metal. Weak sentiments in global markets also acted as a negative factor for the red metal prices.
The red metal touched low of $7964.25/tonne last week and closed its trading session at $8008.25/tonne on Friday. On the MCX, Copper April contract touched low of Rs. 411.50/kg and closed at Rs. 414/kg in the last week.
Base metals are expected to trade with a negative bias today taking cues from demand concerns from China due to slowdown in the country’s economy.
Additionally, a stronger dollar and rise in risk aversion in the markets on account of worsening eurozone debt crisis will also exert further downside pressure on metal prices. However, a weaker rupee may hold further decline on the domestic bourses.
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Base Metals Witness Mixed Performance At LME: April 16, 2012
Published 04/16/2012, 08:38 AM
Updated 05/14/2017, 06:45 AM
Base Metals Witness Mixed Performance At LME: April 16, 2012
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