Base metals are trading lower at the Multi Commodity Exchange of India (MCX) on Tuesday after Moody's downgraded 5 Euro zone nations. MCX copper, lead and zinc are down around 0.50% in morning trade while MCX nickel is in the red by more than 1%.
London Metal Exchange base metal prices showed a down trend on Monday. LME Steel remained steady at $474.5/MT and all other base metal prices futures headed in negative direction.
Norilsk Nickel is expecting investor positions to be the main driver of price movements this year, rather than industrial demand. Norilsk Nickel is the world's largest producer of nickel and palladium.
Flat steel prices rose in Europe and US markets with bullish sentiments prevailing after the Christmas and New Year Break in the month of January 2012, according to a monthly review of steel market by The Steel Index.
