Mumbai, 08 May (CommoditiesControl): MCX base metals witness significant price declines today, with copper down by 1.18% at 854.75, aluminium down by 1% at 232, zinc down by 1.09% at 259.25, and lead moderately down by 0.26% at 193.65. The downturn is attributed to a slight uptick in the value of the U.S. dollar. This increase in the dollar's strength made it more costly for buyers to purchase commodities priced in greenbacks.
The dollar's modest gains, following renewed bets on Federal Reserve rate cuts, have increased after earlier losses, while the yen's easing towards the 155-per dollar level heightens intervention risks from Tokyo.
Improved supply prospects could bolster processing fees in China, which fell to a negative for the first time on record in late April, weighing down copper prices. Three-month copper on the London Metal Exchange (LME) dropped 1.48% to $9,881 per metric ton, while the most-traded June copper contract on the Shanghai Futures Exchange fell 1.65% to 79,730 yuan ($11,034.31) a ton.
LME nickel declined by 1.83% to $18,750 a ton, tin shed 2% to $31,950, aluminium slipped 1.34% to $2,535, zinc lost 1.29% to $2,905.50, and lead moved 0.31% lower to $2,236.50. SHFE zinc dropped by 0.54% to 23,215 yuan a ton, tin slid 1.72% to 258,670 yuan, aluminium fell 1.26% to 20,445 yuan, nickel lost 2.92% to 141,070 yuan, while lead rose 1.38% to 17,940 yuan.
The market remains attuned to the interplay between currency dynamics, supply assessments, and global metal prices, shaping the outlook for base metals trading in India in the near term.
(By Commoditiescontrol Bureau; +91-9820130172)
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