Base metals continued to trade in the positive territory, spurred by dollar weakness as investors shrugged off fears that a U.S. default would undermine the appetite for riskier assets.
In the economic front, Office for National Statistics reported that U.K GDP rose 0.2 percent from the first quarter, when it increased 0.5 percent in the last quarter and manufacturing output fell 0.3 percent signaling that U.K. economy barely grew in the second quarter.
The dollar depreciated against euro after President Barack Obama dueled with House Speaker John Boehner over the debt ceiling. Dollar Index, benchmark measure against a basket of 6 major currencies, was 0.61% lower at 73.66 compared to the previous day that ended at 74.11.
In the domestic market, Nickel buoyed by 0.78% or Rs. 8.3 at 1067.2 per kg but Aluminium was tad higher at Rs. 115.5 per kg. MCX Zinc was seen at Rs. 110.15 per kg, up 1.66% and Lead was seen at Rs. 119.95 per kg, up 1.27%. Copper for delivery in August tested a high of Rs. 437.5 per kg in intraday and is now trading higher by 0.61% or Rs. 2.65 at Rs. 436.25 per kg.
Copper futures October contract in Shanghai ended at 72810 yuan per tonne, up 1280 yuan or 1.79% higher. Comex Copper futures most active September contract was trading at $4.451 a pound, up by 4 cents compared to the previous day that ended at $4.4065 a pound.
