AHMEDABAD (Commodity Online): Base metals retreated slightly in earlier week on friday closing after trading in gains as Fitch downgraded Spain and Italy on fears of default.
Base metals traded on a mixed note today ahead of European Union (EU) Summit in order to discuss about the Euro Zone debt crisis. In addition, less than expected economic development in the US for the fourth quarter of 2011 also acted as a negative element.
EU leaders are expected to sign on a permanent rescue fund for the Euro Zone at a summit and to agree on a balanced budget rule in national legislation.
All base metals stays on nagative side on Monday morning after China market opens after week long holiday. Copper and Zinc were major lossers among all base metals pack in beginnning of the week. In ongoing week, Base metals expected to stays under presure and will remain strong on every dips.
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