Rising tensions with respect to Euro Zone debt worries, with Greece being the matter of concerns coupled with mixed sentiments in the global markets led base metals pack to trade lower on the LME last week.
In addition to this, strength in the US dollar and weak consumer confidence data from the US also acted as a negative factor for metal prices.
However, depreciation in the Indian Rupee (INR) cushioned further losses on the domestic bourses in the last week.
On a weekly basis, the INR depreciated around 1.5 percent and closed at the level of 49.35 on Friday.
Lead
On a weekly basis, lead was the worst performer in the last week, as the metal declined sharply by almost 4 percent on the LME.
Sharp rise in LME as well as Shanghai lead inventories and strength in the US dollar acted as a negative factor for the metal prices.
Lead inventories on the LME warehouses last week increased sharply by 1.9 percent to 382,600 tonnes on 10th February 2012 from the previous level of 375,300 tonnes on 3rd February.
Additionally, weekly Shanghai inventories of the metal rose sharply by 21.3 percent to 36,354 tonnes last week. MCX Lead February contract touched a low of Rs105.6/kg and ended its trading session at Rs105.95/kg last week.
Courtesy: Angel Commodities
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