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Base Metal prices dip on decreasing demand from the US

IIFL 2017-12-05 13:45:00
Copper extended its fall for a second straight trading session, as weak numbers from the United States fuelled demand worries. Industrial metals were also down, as strengthening dollar against other currencies dented investors appetite for greenback denominated commodities. At 1:25 PM dollar index, which measures strength of greenback against its six major trading partners, rose 0.07% to 93.16.

Prices of base metals were down on demand worries from the US, the world's second biggest metal consumer, following modest decrease in new orders for manufactured goods in the month of October.

Factory orders fell by 0.1% in October after surging up by 1.7% in September. Economists had expected orders to drop by 0.4%.
  • Copper for February delivery slumped 1.60% to Rs435.70 per kilogram on the MCX.
  • Aluminium for December delivery dropped 0.64% to Rs132.20 per kilogram on the MCX.
  • Lead for December delivery slipped 0.28% to Rs161.40 per kilogram on the MCX.
  • Zinc for December delivery dropped 0.51% to Rs203.70 per kilogram on the MCX.
  • Nickel for December delivery plunged 1.90% to Rs718.40 per kilogram on the MCX.