Monday, 23 February 2015

Base Metals Daily Market Update

Base Metals
Base metals on the LME traded lower last week in the absence of Asian market participants over Chinese New Year. Also, rising expectations of rate hike earlier this year after strong jobs data from the US dragged prices lower.

Copper
LME Copper prices fell by 0.3 percent last week owing to strength in the DX after a report showed fewer Americans filed for jobless claims, pointing to a strengthening U.S. labor market. Also, reports that Germany rejected a proposed bailout extension request from Greece acted as a negative factor.

MCX copper prices fell by 0.1 percent in line with international trends and closed at Rs.356.8/kg on Friday.

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