The base metals complex delivered a mixed performance on the LME on Monday. Unfavorable economic data from the US affected upside in base metals yesterday. But dollar weakness came in as a respite to sharp decline in prices.
Nickel
Nickel prices gained sharply by around 4 percent on the LME and by 4.5 percent on the MCX on Monday. A weaker dollar coupled with upbeat market sentiments acted as a supportive factor for the metal prices yesterday.
It touched an intra-day high of $18,480/tonne and closed at the level of $18,368/tonne. On the MCX, Nickel December contract hit an intra-day high of Rs948.80/kg and ended its trading session at Rs946.7/kg on Monday.
Outlook
Base metals are expected to trade with a negative bias today, as escalating worries over Euro Zone debt crisis will lead to rise in risk aversion in the markets. Additionally, a stronger dollar will also exert downside pressure on metals.
Courtesy: Angel Commodities
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