Favourable economic data from the US and China coupled with positive sentiments in the global equity markets helped base metals complex to trade higher on the LME on Tuesday.
Strength in the US dollar did not provide any respite to the metal prices yesterday. As compared to international markets less gains were witnessed on the domestic bourses on Tuesday mainly on account of Rupee appreciation.
Copper was the top gainer of the day, as the metal surged more than 3 percent on the LME and around 2.5 percent on the MCX. The red metal inventories declined around 0.5 percent to 473,675 tonnes on the LME warehouse on Tuesday.
It touched an intra-day high of $9195/tonne on the LME and closed at $9180/tonne. On the MCX, copper June contract touched an intra-day high of `411/kg and closed at `410.70/kg on Tuesday.
China’s May copper output declines 3.3 percent at 439,000 T Refined copper production in China, the world’s top metal consumer dropped 3.3 percent to reach at 439,000 tonnes in May as a reduced supply of scrap constrained producers. The Output had hit a record high of 470,000 tonnes in the month of March of the current year.
