MUMBAI (Commodity Online): The uncertainty surrounding the debt ceiling issue finding a little progress in ending the deadlock over lifting the U.S. debt ceiling is weighing on the dollar and leading the base metals to trade sideways.
The dollar was trading flat after a downturn last night shrugging off the fears on U.S. debt ceiling. Dollar Index against a basket of 6 major currencies was trading slightly higher by 0.04% at 73.54 around midday.
In domestic markets, all the metals were trading flat. Copper for delivery in August was seen trading at Rs 435.5 per kg, down by 0.4% with its high at Rs 436.8 per kg. MCX Aluminium was seen trading at Rs 116.2 per kg and Nickel was at Rs 1062 per kg. Battery material Lead was seen trading at Rs 119.6 per kg and Zinc was at Rs 109.95 per kg.
At the SHFE, Copper futures for most active October contract was trading at 72890 yuan per tonne, up 80 yuan. Comex Copper futures for most active September contract was trading at $4.4725 a pound down by just 1 cent from $ 4.478 during the previous day.
