The base metals complex delivered on a mixed performance on Thursday with aluminium and nickel trading in the green while copper, lead and zinc ended lower.
Choppy sentiments in the global markets affected the prices. But, further decline was cushioned on account of a weaker dollar coupled with favorable unemployment claims data from the US yesterday.
Aluminium
Aluminium prices witnessed gains of around 1.2 percent on the LME and by almost 1 percent on the MCX in yesterday’s trading session. Weakness in the US dollar coupled with positive economic data from the US provided support for prices.
Additionally, aluminium production is energy-consuming process and rise in crude oil prices also led rise in aluminium prices too.
It touched an intra-day high of $2150/tonne and ended at $2149/tonne yesterday. On the MCX, aluminium hit an intraday high of Rs.108/kg and closed at Rs.107.8/kg on Thursday.
Courtesy: Angel Commodities
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