COM: Industrial metals resume upswing; Dollar Index limps
AHMEDABAD (Commodity Online): Industry metals ended firm as positive sentiments were surrounded by global markets at the MCX. Continuous weakness in Dollar index gave support to metal prices that traded at higher end of range in recent days.
MCX base metals expressed straight upside moment on Wednesday morning. Among all metals, Zinc and lead futures remained strong and gained by more than 2%. Among all metals, Aluminum futures remained in cold mood but still prices are expected to edge higher for the day.
MCX Copper and Nickel futures stayed on positive side due to buying sentiment in international markets. Copper futures looked strong and it may climb up to 378 and above it may test 381 in coming days.
Robust demand for metals at Spot market and dull Dollar index moment weighed on Industry metals to stay on green region, informed Amrita Mashar, analyst with Commodity Online.
Metal prices are expected to track global equity markets and projected to remain on higher side. The metals traders expected to stay upbeat as dollar fell against Euro in last few days boosting metal prices in positive way, maintained Mashar.
Aluminum, Zinc and Lead futures are ready to travel above 108. On weekly basis, these metals will close above 105; going ahead I can see momentum till 110 in near term, added Mashar