The base metals complex traded lower on the LME on Monday.
However, further declined cushioned on account of a weaker dollar. However, appreciation in the Indian Rupee led further losses on the domestic bourses in yesterday’s trading session.
Copper
Copper, the leader of the base metals pack, declined around 0.3 percent on the LME yesterday, on the back of weak demand from China, the world’s largest consumer of metal.
However, sharp decline was cushioned on account of weakness in the US dollar on Monday. The red metal touched an intra-day low of $8390/tonne and closed at the level of $8450/tonne yesterday.
On the MCX, Copper February contract declined sharply by 1.2 percent on Monday due to a stronger Rupee and touched an intra-day low of Rs416.60/kg.
Courtesy: Angel Commodities
Looking for Agri Research? Visit research.commodityonline.com
