The base metals pack recovered from its earlier losses on Tuesday, on the back of revival in the US markets coupled with dollar weakness.
The complex ended its trading session on a mixed note yesterday, with copper and zinc closing in the red while aluminium, nickel and lead ending in the green. However, a weaker Rupee led to witness further rise on the domestic bourses on Tuesday.
Aluminium
Aluminium was the top gainer in yesterday’s trading session, as the metal rose sharply by 1.6 percent on the LME and around 1.8 percent on the MCX. A weaker dollar acted as a supportive factor for the metal prices on Tuesday.
Aluminium touched an intra-day high of $2264/tonne and ended at the level of $2255/tonne yesterday. On the MCX, Aluminium February contract touched an intra-day high of Rs110.30/kg and closed at the level of Rs109.9/kg on Tuesday.
Outlook
Base metals are expected to trade higher today mainly taking cues from rise in risk appetite in the global markets due to easing concerns over Euro Zone debt worries. Additionally, weakness in the US dollar will also act as a positive factor for metals.
Courtesy: Angel Commodities
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