Mumbai, 02 May (CommoditiesControl): Base metal prices in London climbed Thursday as a weaker dollar attracted investors. Three-month copper on the LME rose 0.45% to $9,940 per metric ton, with Aluminium up 0.15% at $2,581.50. Nickel dipped 0.5% to $18,855, and tin surged 0.83% to $31,145. However, LME zinc rose 0.8% to $2,882 a ton, while lead remained steady at $2,181.
Market activity was subdued due to a holiday in China, while China's copper producers plan to export up to 100,000 metric tons. On-warrant aluminium stocks hit their lowest level since 1998, and the tom-next flipped to backwardation. LME aluminium prices rose 10.9% last month amid supply concerns and optimism in China's economy.
MCX copper posted a 0.39% increase, trading steadily within a range of 857.50-859 following a gap-up opening from the previous close. Resistance levels stand at 861 and 863.
MCX Aluminium exhibited minor gains of 0.15%, trading at 236.45.
MCX zinc emerged as the frontrunner among other base metals, recording a 0.71% increase and trading at 255.55. Riding the 21-EMA on the 15-minute timeframe, a sustained breach above the resistance level of 255.85 could lead to a target of 257.90.
MCX lead remained relatively stable, posting marginal gains of 0.08% and trading at 190.80.
Amidst evolving supply dynamics, currency fluctuations, and holiday-induced trading volumes, the base metals market maintains its fluidity, with potential for further price fluctuations.
(By Commoditiescontrol Bureau; +91-9820130172)
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