Except nickel, base metal pack ended in the positive territory on the LME on Tuesday, mainly on the back of weakness in the US dollar and revival in the global market sentiments.
Additionally, favorable economic data from the US also supported metal prices yesterday. But Rupee appreciation capped sharp gains on the Indian platform.
Aluminum prices gained almost 2 percent on the LME and around 1.6 percent on the MCX on Tuesday. Upbeat sentiments in the global equities and a weaker dollar supported prices in yesterday’s trading session.
Prices touched an intra-day high of $2724/tonne and closed at $27 17/tonne on the MCX, aluminum April contract hit an intra-day high of 12O.6O/kg and closed at 120.50/kg on Tuesday.
Following aluminum, copper gained around 1.2 percent on the LME on Tuesday and touched an intra-day high of $9393/tonne. On the MCX, the red metal prices rose 1 percent and touched and intra-day high of 419.6O/kg yesterday.
