Commodity reported that metals in international market performed in a mixed pattern since last evening. Aluminum and Lead were exceptions amidst the falling other base metals. In last trade, all Base Metals ended in red with selling sentiment in volume at London Metal Exchange.
For a change Aluminum traded steadily with firm uptrend today as it rose by 0.50%. Lead and copper remained in thin trading rang. Zinc future turned out to be a big loser in base metals pack as it decreased approximately 0.64% at London Metals Exchange.
Copper unraveled from a new record high relocating its biggest one day drop in four weeks as rising inflation in China, its top consumer, imperfected 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. Metals were down this morning, as an unexpected rate hike by China was offset by ongoing violence in North Africa and the Middle East and fears over the Euro zone’s debt crisis.
Base metal prices reversed lower around 0.50% at LME as result of mixed momentum in all metals. In afternoon, Industry metals once again regain strength after investors show interest to buy metals at lower rates. Strength in the US Dollar Index exerted pressure on base metals prices from yesterday evening.
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