he base metals complex delivered a mixed performance on the LME on Thursday with aluminium and lead trading in the red while copper, nickel and zinc ending in the green.
Positive data from the US supported a rise in metal prices. But sharp gains were capped due to strength in the US dollar yesterday. Nickel prices gained more than 1.5 percent on the LME and around 1.2 percent on the MCX.
Falling inventories supported nickel prices on Thursday as inventories declined almost 1 percent to 115,134 tonnes on the LME warehouse. Copper gained around 0.2 percent on the LME yesterday.
Codelco’s production declined by 7,000 tonnes due to the strike in EI Teniente copper mine in Chile. Copper prices touched an intra-day high of $9088/tonne and closed at $9056/tonne on Thursday.
MCX copper June contract traded on a flat note and touched an intra-day low of `400.80/kg yesterday.
Outlook
Base metals pack is expected to trade higher today, mainly taking cues from positive economic data from the US and China.
Additionally, positive sentiments in the global equity markets will also help support prices. However, dollar strength may cap sharp gains in today’s trading session.
