Mumbai, 06 Feb (Commoditiescontrol): Tuesday saw a notable rise in the prices of base metals in London, driven by a softer dollar and an improving risk sentiment. Mixed performances in the Chinese market contrasted this uptick.
On the London Metal Exchange (LME), the price of three-month copper rose by 0.7%, reaching $8,416 per metric ton as of 1128 IST. Other metals followed suit, with aluminium edging up by 0.1% to $2,213.50, nickel increasing by 0.7% to $16,135, zinc advancing by 0.8% to $2,440, lead climbing by 1% to $2,134, and tin experiencing a significant jump of 1.5% to $25,205.
The dollar's weakening played a role in these increases, making metals priced in the US currency more accessible to holders of other currencies. However, the dollar's position near a three-month high and diminishing prospects of interest rate cuts served to temper the rally in metal prices.
In China, the situation was more varied. The most-traded March copper contract on the Shanghai Futures Exchange (SHFE) decreased 0.7%, falling to 68,170 yuan ($9,480.17) per ton. This decline came amidst slow trading and weakened demand ahead of the Lunar New Year holiday period from Feb. 9-16.
SHFE's copper inventories reported a significant increase, rising by more than a third in the last week to reach 68,777 tons on Friday, the highest since July of the previous year.
Other metals on the SHFE displayed mixed results. Aluminium saw a marginal rise of 0.1% to 18,835 yuan per ton, and lead increased by 0.6% to 16,290 yuan. In contrast, nickel fell by 0.1% to 125,440 yuan, zinc decreased by 0.4% to 20,545 yuan, and tin dropped by 1.4% to 209,350 yuan.
(By Commoditiescontrol Bureau; +91-9820130172)
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