From the beginning of this week all metals performed in a mixed pattern. Zinc is the only metal in which traded steadily with rose by 1.97 percent. Lead and Aluminum remained in low trading range. Copper and Nickel future considered big loser in base metals pack as increase approximately 0.30 percent.
Copper unraveled from a new record high yesterday, relocating its biggest one-day drop in three weeks, as rising inflation in China, its top consumer, spoiled the shorter-term demand view and raised the specter of more monetary tightening.
Subdued demand for the metal at the spot markets weighed on the Industry metals prices to remain under pressure in ongoing week. Along with this profit-booking by speculators and weak global cues gave slow moment in base metals prices.
On Wednesday, Base metal prices reversed lower more than 0.50 percent at LME as result of mixed momentum in all metals. Metal price are expected to trade in sideways tone till than prices will not break previous week highs.
Copper unraveled from a new record high yesterday, relocating its biggest one-day drop in three weeks, as rising inflation in China, its top consumer, spoiled the shorter-term demand view and raised the specter of more monetary tightening.
Subdued demand for the metal at the spot markets weighed on the Industry metals prices to remain under pressure in ongoing week. Along with this profit-booking by speculators and weak global cues gave slow moment in base metals prices.
On Wednesday, Base metal prices reversed lower more than 0.50 percent at LME as result of mixed momentum in all metals. Metal price are expected to trade in sideways tone till than prices will not break previous week highs.
