The commodity Base metals delivered jumped to a positive performance on the LME mainly due to weak US dollar and buying is seen at lower levels of commodity MCX. This commodity trade factor helped base metal prices to move in the northward direction yesterday.
The further gains which were capped at MCX and NCDEX is due to choppy sentiments in the global equity markets. The US Dollar Index (DX) lowered around 0.4 percent and closed at 76.07 on Thursday. Rupee appreciation led minimal gains on the Indian platform.
The top gainer at MCX and NCDEX commodity is lead due to the reason that this commodity metal gained more than 1.5 percent on the LME on Thursday. The main commodity trade factors that influenced the metal prices are – weakness in the US dollar coupled with fall in the LME lead inventory. The metal inventories declined by 0.5 percent to 281,300 tonnes on the LME warehouse yesterday.
The commodity prices for base metals touched an intra-day high of $2715/tonne and closed at $2697.75/tonne on Thursday. On the MCX, lead touched an intra-day high of `121.70/kg and closed at `121.30/kg on tomorrows commodity MCX and NCDEX index. Appreciation in the Indian Rupee capped sharp gains in the metal prices on the domestic platform.
MCX And NCDEX outlook for commodity Base metals:
It is expected that base metals may trade lower on account due to choppy global market sentiments for commodity base metals and uprising geo-political worries. But sharp fall would be cushioned on account of dollar weakness. The commodity base metals will also take cues from the US data in today’s trading session.
The further gains which were capped at MCX and NCDEX is due to choppy sentiments in the global equity markets. The US Dollar Index (DX) lowered around 0.4 percent and closed at 76.07 on Thursday. Rupee appreciation led minimal gains on the Indian platform.
The top gainer at MCX and NCDEX commodity is lead due to the reason that this commodity metal gained more than 1.5 percent on the LME on Thursday. The main commodity trade factors that influenced the metal prices are – weakness in the US dollar coupled with fall in the LME lead inventory. The metal inventories declined by 0.5 percent to 281,300 tonnes on the LME warehouse yesterday.
The commodity prices for base metals touched an intra-day high of $2715/tonne and closed at $2697.75/tonne on Thursday. On the MCX, lead touched an intra-day high of `121.70/kg and closed at `121.30/kg on tomorrows commodity MCX and NCDEX index. Appreciation in the Indian Rupee capped sharp gains in the metal prices on the domestic platform.
MCX And NCDEX outlook for commodity Base metals:
It is expected that base metals may trade lower on account due to choppy global market sentiments for commodity base metals and uprising geo-political worries. But sharp fall would be cushioned on account of dollar weakness. The commodity base metals will also take cues from the US data in today’s trading session.
