Investor's got cheered with the European deal during the last week and now trading with negative momentum during the mid morning on Monday amid strengthening dollar as strong dollar typically curbs demand for commodities. The dollar index surged by 1.31% at 76.05 against the basket of 6 major currencies after 1.6% loss during the last week as Japan intervened in the foreign-exchange market to curb the yen appreciation and relieve the Japanese exporters from a derail situation. As the European worries took back seat on its deal to boost up the banks, now the investor's focus turned onto the Federal Open Market Committee a two-day meeting which starts on Tuesday this week. Fed is expected to give updated forecasts of economic growth as the 2.5% growth in its GDP in Q3 eased the concerns of announcing third round of quantitative easing. However, the key release ahead on Friday this week, the US unemployment report for October 2011 which is still hovering around 9% will be focused further to know the growth economic recovery in the country. In domestic market at MCX, Nickel was receding by 1.35% or Rs. 13.1 at Rs. 959 per kg. Copper for delivery in November was trading at Rs. 388.25 per kg, down 2.63% or Rs. 10.5 with its high at Rs. 397 per kg. Similarly, Aluminium was trading lower by 0.82% or Rs. 0.9 at Rs. 108.65 per kg. Lead was drooping by 2.52% or Rs. 2.55 at Rs. 98.5 per kg and MCX Zinc was depreciating by 1.46% or Rs. 1.4 at Rs. 94.7 per kg. At the SHFE, Copper futures for most active January 2012 contract was trading at 57980 yuan per tonne, down 1840 yuan or 3.08% lower. Comex Copper futures for most active December contract was trading at $3.584 a pound, down 3.29% or 12 cents compared to the previous day that ended at $3.706 a pound.

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