Tuesday, 16 June 2015

Technical Levels for Base Metals

Base Metals
Base metals on the LME traded lower yesterday as talks between Greece and its creditors ended in failure, thereby raising concerns of Athens being unable to repay 1.6 billion Euros owed to the International Monetary Fund by the end of this month. Also, strength in the DX exerted pressure on prices.

LME Copper prices plunged by 1.6 percent on Monday and fell to $5815/tonne as concern that officials haven’t provided enough stimulus to revive the economy in China, the world’s top metals consumer led to bearish sentiment in the metal.

MCX copper prices fell by 1.4 percent and closed at Rs.375.5/kg on Monday.

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