Mumbai, 01 May (CommoditiesControl): Base metals experienced a decline in Subdued holiday trade on Wednesday, influenced by a firmer dollar, which rendered greenback-priced commodities more costly for buyers holding other currencies.
Here's how the base metals fared on the London Metal Exchange (LME):
Three-month copper: Down 0.9% to $9,901.50 per metric ton.
Aluminium: Eased 0.3% to $2,584 a ton.
Lead: Slid 0.3% to $2,209.50.
Nickel: Shed 0.3% to $19,175.
Tin: Rose 0.2% to $31,270 a ton.
Major Asian markets, including China, the top metals consumer, were closed for the Labour Day holiday, contributing to subdued trading activity.
The U.S. dollar strengthened ahead of a Federal Reserve policy decision, where the central bank is anticipated to maintain its interest rates amidst persistent inflationary pressures.
Analysts noted the changing expectations regarding interest rate cuts following robust economic performance in the U.S. and escalating geopolitical tensions.In other market developments, LME zinc declined 1.4% to $2,885.50, driven by eased supply concerns as Nyrstar's Budel smelter is set to resume production by the week of May 13.
(By Commoditiescontrol Bureau; +91-9820130172)
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