MUMBAI (Commodity Online): Wrangling over the U.S. debt limit haunting investors and leading them to flee away from the risky assets, which resulted in base metals to recede during the evening.
The dollar was under pressure against the basket of 6 major currencies before a U.S. report forecast to show demand for durable goods grew at a slower pace in June and the Republican plan to cut the U.S. deficit faced delay. Dollar Index was at 73.66, down 0.2% compared to the previous day that ended at 73.51.
In the domestic market, all the metals continued to trade flat. Nickel was trading at Rs 1062.4 per kg and Aluminium was at Rs 115.75 per kg. MCX Zinc was seen at Rs 109.5 per kg and Lead was seen at Rs 119.15 per kg. Copper for delivery in August tested a high of Rs 436.8 per kg in intraday and is now depreciated by 0.66% or Rs 2.9 at Rs 434.45 per kg.
Copper futures October contract in Shanghai ended at 72810 yuan per tonne, up 420 yuan or 0.58% higher. Comex Copper futures most active September contract was trading at $4.4485 a pound, down by 3 cents compared to the previous day that ended at $4.478 a pound.
