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Mixed Trend In Base Metals On US Economic Worries: April 17, 2012

ByCommodityOnline
Published 04/17/2012, 05:13 AM
Updated 05/14/2017, 06:45 AM
IMOEX
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The base metals complex ended higher on the LME on Monday mainly after favorable retail sales data from the US.

In addition to this, weakness in the US Dollar Index also acted as a supportive factor for the metal prices yesterday. However, further gains were capped due to mixed sentiments in the global markets.

Nickel

Nickel was the only metal to witness decline on the LME as well as on the MCX in yesterday’s trading session. The metal dropped sharply by 3.3 percent on the LME and around 3 percent on the MCX on Monday.

LME inventories of nickel rose 1 percent to 99,330 tonnes yesterday and this acted as a negative factor for the metal prices.

On the MCX, nickel April contract touched an intra-day low of Rs. 908.10/kg and closed its trading session at Rs. 916.7/kg yesterday.

However, rupee depreciation cushioned further losses on the domestic platform.

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