Base metals were trading sideways with a positive bias in a range bound manner on Monday solaced by weedy US dollar. Investors were emboldened by the Italian Prime Minister Mario Monti unveiling of a 30 billion euro package of austerity measures on Sunday in a bid to shore up the country's strained finances. Comex Copper future for the most active March contract was trading flat at $3.586 a pound. SHFE Copper future for most active February 2012 contract settled at 58060 yuan per tonne, up 0.59% (340 yuan). Likewise at MCX, Copper for delivery in February was surging by 0.27% or Rs. 1.1 at Rs. 409.05 per kg. The hopes on French President Nicolas Sarkozy and German Chancellor Angela Merkel are meeting in Paris today to agree on a plan that would tighten political and economic cooperation among the 17 European Union countries that use the euro is also weighing on the sentiment. But getting the ratification of 17-euro nations to anchor coercive tough budgetary rules kept the investors under elusive mode. Investors were also eyed onto the the European Central Bank to cut rates at its policy meeting on Thursday and offer fresh liquidity measures for banks, if not more sovereign bond buying. The economic data from US such as ISM manufacturing and factory orders, which is to be ensued today might also provide some cues for further direction of the prices. The dollar index plunged by 0.28% at 78.4 against the basket of 6 major traded peers following the rise in euro amidst the hopes on the European leaders to come out with a credible plan prompted investors to enter into riskier assets. Among other metals in the domestic market at MCX, Nickel for delivery in December tested a high of Rs. 929.9 per kg and low of Rs. 905.7 per kg in intraday and is now trading at Rs. 924.5 per kg, up 2.27% or Rs. 20.5. Zinc was trading flat at Rs. 104.9 per kg. Aluminium was gaining by 0.73% or Rs. 0.8 at Rs. 108.65 per kg and MCX lead was also trading flat at Rs. 107.9 per kg.

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