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Copper to Trade Sideways on Euro Debt Concerns

Published 10/21/2011, 09:19 AM
Updated 05/14/2017, 06:45 AM
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Mounting concerns with respect to global economic recovery and growing uncertainty over Euro Zone debt worries created demand fears for the base metals.

This coupled with mixed sentiments in the global markets also exerted downside pressure on the metals prices on Thursday.

However, depreciation in the Indian Rupee resisted further decline on the domestic bourses yesterday.

Copper


Copper was the worst performer in yesterday’s trading session. Prices dropped around 5.5 on the LME and by 3.7 percent on the MCX on Thursday.

The red metal touched an intra-day low of $6710/tonne and closed $6784/tonne yesterday. On the MCX, copper touched an intra-day low of Rs.339/kg and ended its trading session at Rs.342.5/kg on Thursday.

Zinc market experienced a surplus of 263,000t in Jan-Aug of 2011

According to the data from the Lisbon-based International Lead and Zinc Study Group (ILZSG), world zinc market witnessed a surplus of 263,000 tonnes in the first eight months of the current year.

Global consumption of refined zinc stood at 8.343 million tonnes in the period between January-August as compared to 8.265 million in the same period a year ago.

Production of world refined zinc totaled to be at 8.606 million tonnes as against 8.362 million a year earlier.

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