Base metals complex fell today on the back of weakness in Euro against US Dollar and a fall in global equity markets. Base metal complex has stopped its losses and trying to stabilise as Euro is recovering its losses against US Dollar.
MCX MAY Aluminium contract has touched its six months low of rupees 91.3 per kg and presently at 4.54 pm its trading at 92.7 down by 0.90 rupee from yesterday’s close. MCX May Lead contract has also touched its ten months low of rupees 83.8 per kg. MCX May Zinc contract has also tested seven months low of rupees 88.65 per kg.
Base metals are trading weak because of Europe’s debt problem may hinder economic growth globally. Base metal prices are likely to fall further as Euro is likely to fall further and may go below 1.2 marks.
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