Base metals were trading positive direction during the mid morning on Wednesday as some relief rally is going due to huge sell off yesterday on Tuesday. But, still the worries regarding the moderate expansion in US and China manufacturing coupled with the renewed concerns on Greece debt default lurking out in the market.
The referendum call announced by the Greek prime minister conspired with Fitch ratings warning rattled the markets and weighing on the growth sensitive resources within the region.
The dollar edged down by 0.3% at 77.08 against the basket of 6 major currencies as the as the mixed global economic uncertainties in the market kept the investor's in a jeopardize mode.
In domestic market at MCX, all metals were trading near to its highs during the mid morning on Wednesday. Nickel was strengthening by 0.98% or Rs. 9.1 at Rs. 940.9 per kg. Copper for delivery in November was trading at Rs. 390.3 per kg, up 1.39% or Rs. 5.35 with its high at Rs. 390.75 per kg and low at Rs. 385 per kg. Aluminium was edging up by 0.71% or Rs. 0.75 at Rs. 105.95 per kg. Lead was appreciating by 0.71% or Rs. 0.7 at Rs. 99.5 per kg and MCX Zinc was trading flat at Rs. 95.45 per kg.
At the SHFE, Copper futures for most active January 2012 contract was trading at 57830 yuan per tonne, down 470 yuan or 0.81% lower. In contrast, Comex Copper futures for most active December contract was trading at $3.587 a pound, up 2.41% or 8 cents compared to the previous day that ended at $3.5025 a pound.
