On a weekly basis, the base metals complex traded in the red on the LME with aluminum being an exception. Slowdown in US economic growth and unfavorable employment data from the US exerted pressure on base metal. Weakness in the dollar did not provide any respite to prices.
Aluminum pries received support on the back of shut down of some small aluminum smelters in China due to power shortages in Chinese industrial provinces. The metal gained almost 1% on the LME and closed at USD 2764 per tonne. On the MCX, aluminum prices gained around 0.8% last week and touched a high of INR 123.10 per kilogram.
Copper prices on the LME declined more than 3% last week on account of weak GDP data coupled with poor employment data from the US. Prices touched a low of USD 9295 per tonne and closed at USD 9371 per tonne. On the MCX, the red metal prices slipped by 5.3% and ended the session at 407.15 per kilogram in the last week.
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