The base metals complex came under pressure on the LME on Monday, with zinc being an exception.
Escalating tensions with respect to Euro Zone debt worries coupled with mixed sentiments in the global markets exerted pressure on metal prices.
Zinc
Zinc was the only metal to witness gains on the LME as well as on the MCX in yesterday’s trade. Dollar weakness acted as a supportive factor for prices.
It touched an intra-day high of $1963/tonne and closed at the level of $1958/tonne on Monday. On the MCX, zinc rose marginally by 0.1 percent and ended its trading session at Rs96.5/kg yesterday.
Lead
Lead was the worst performer on Monday, as the metal declined almost 1.4 percent on the LME and around 1.1 percent on the MCX.
Weak sentiments in the markets due to rising concerns over Europe’s debt crisis acted as a negative factor for metal prices.
Courtesy: Angel Commodities
Get Trading Tips that suits your profile
