The U.S. and China poor data have had a major impact on base metals. MCX Copper is under pressure and the price has dropped by Rs 445. The LME Copper continues to decline for the tenth consecutive day. In the past year the price of copper has dropped 15 per cent.
However, Goldman Sachs said that this year globally the surplus stock of copper could, about 45 thousand tonnes against 3.85 million tonnes last year.
At 2:00 PM, on the Multi Commodity Exchange, Copper for delivery in February dropped by Rs 1.60, or 0.36% to Rs 442 per kg.
Aluminum for delivery in February dropped by 12 paise, or 0.10% to Rs 103.80 per kg.
Nickel for delivery in February dropped by Rs 6.56, or 0.76% to Rs 864 per kg.
Lead for delivery in February dropped by 50 paise, or 0.38% to Rs 130 per kg.
Zinc for delivery in February dropped by 80 paise, or 0.65% to Rs 122 per kg.
Market analysts attributed persistent fall in base metals prices at futures trade to a weak trend in the base metals pack at the London Metal Exchange (LME) on signs of weakening demand after manufacturing slowed in China and the US, the world’s top metals consumers.
Reported News Source : PTI Business Standard