Mumbai, 02 May (CommoditiesControl): Base Metal prices extended losses on Thursday, driven by apprehensions that recent market surges, touching New highs, were primarily speculative, with actual demand in question, notably in China.
On the London Metal Exchange, three-month copper slipped 1.25% to $9,772 per metric ton, retracing from Tuesday's two-year peak of $10,208. LME Aluminium dropped 1.18% to $2,547per metric ton. The dip reflects a broader trend of caution among investors, with physical demand from China, a major market player, remaining tepid.
Market sentiment remains cautious amidst speculation concerns and subdued demand signals, notably from China, exerting downward pressure on both global and domestic metal prices.
In India, MCX copper, after capping earlier gains of 0.39%, faced a 1.30% decline, currently trading at 844.50. The falling futures contract may find support at 840.50 levels, as it is currently below both support levels.
MCX aluminium, initially trading flat with minor gains of 0.15%, now faces a 1.72% decline, currently trading at 232.15. The futures contract is now below both support levels, aligning with the broader trend observed in LME aluminium.
MCX zinc, after an initial rise of 1.5% to 258.15, reversed gains and is currently trading at 253.65. The contract may find support at 251.70, reflecting the cautious sentiment prevailing in the market.
(By Commoditiescontrol Bureau; +91-9820130172)
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