The base metals complex delivered a mixed performance on the LME on Tuesday with copper, aluminium and nickel ending in the red while lead and zinc ending in the positive territory.
Base metals came under pressure mainly after Federal Reserve policymakers backed away from the need for another round of monetary stimulus.
In addition to this, strength in the US dollar index and rise in risk aversion in the global markets also acted as a negative factor for the metal prices yesterday.
Copper
Copper declined by 0.2 percent on the LME on Tuesday taking cues from rise in LME inventories of copper coupled with Federal Reserve’s decision for not going for further monetary stimulus.
Copper inventories rose sharply by 1.2 percent to 260,650 tonnes on the LME warehouses yesterday. Additionally, a stronger dollar index and weak market sentiments also acted as a negative factor for the red metal prices.
MCX Copper April contract decline around 0.2 percent and closed at Rs. 438.35/kg on Tuesday after touching an intra-day low of Rs. 437.30/kg.
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Mixed Trend In Base Metals, Copper Falls On Firm Dollar
Published 04/04/2012, 04:25 AM
Updated 05/14/2017, 06:45 AM
Mixed Trend In Base Metals, Copper Falls On Firm Dollar
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