AHMEDABAD (Commodity Online): LME base metals moved lower, with losses witnessed across the Multi Commodity Exchange. Uncertainty regarding Greece debt negotiations took a toll on the base metals pack.
Meanwhile, Base metals stays under presure ahead on weakness in ruppee in yesterday's trade. Base metals traded highly volatile after the International Monetary Fund said that China's annual economic growth could be cut nearly in half this year if Europe's debt crisis tips the world economy into a recession.
Base metals market was on watch for another cut by China's central bank in the Reserve Requirement Ratio (RRR), which could ease borrowing costs at the margins for cash-strapped Chinese metals consumers.
Among all metals, Lead futures plunge almost by 3 percent to 105.70 rupees in whole week. Silver also face resistace above 56500 in ongoing week which will impact base metal complex to remain under force.
Industry metals are looking bearish for onoing week until prices will not break earlier months high. Nickel stays strong above 1000 levels and expected to trade higher in coming weeks. Zinc is looking slightly positive with strong support of 100 levels for upside target at 108 in near term, informed Amrita Mashar, analyst with Commodity Online.
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