The base metals pack traded lower on the LME on Monday, with nickel being an exception.
Strength in the US dollar coupled with weak sentiments in the global markets due to deepening concerns with respect to Euro Zone debt worries exerted downside pressure on metal prices.
However, depreciation in the Indian Rupee (INR) resisted sharp decline on the domestic bourses in yesterday’s trading session.
The INR depreciated almost 1 percent and closed at above thelevel of 49-mark on Monday.
Copper
Copper, the leader of the base metals complex, declined around 1 percent on the LME and by 0.2 percent on the MCX on Monday.
Weak demand from China, the world’s largest metal consumer, a stronger dollar and rising Euro Zone debt tensions exerted pressure on the red metal prices.
Copper touched an intra-day low of $8427.50/tonne and closed at $8510/tonne yesterday.
On the MCX, Copper February contract touched an intra-day low of Rs416.70/kg and ended its trading session at the level of Rs418.9/kg on Monday.
Courtesy:Angel Commodities
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