Risk aversion and stronger dollar have victimized base metals complex. We have seen sharp correction in copper, nickel, zinc and lead. Despite of drawdown in inventories, copper prices plummeted on LME.
Industrial metals slid on Monday with copper tumbling about 5 percent as skidding equities underlined concern about the economy and demand, while a stronger dollar exerted downward pressure. Copper inventories in LME warehouses fell by 7,300 tonnes to 462,325 tonnes, having dropped nearly 80,000 tonnes since mid-February. Cancelled warrants stocks earmarked for delivery rose to 68,325 tonnes from 64,400 tonnes on Friday.
Chennai, Apr 21: Marumalarchi Drav
Crude futures in U. S. steadied below $46 a barrel, after falling nearly 9 percent a day earlier as worries about the U. S. banking sector hit equity markets. The U. S. dollar rallied on safe-haven bids.
After a steep decline in price during last week, demand from India was seen improving due to Akshaya Tritya festival and U. S. stocks broadly dropped more than 3 percent, stirred by worries that problems would persist for the struggling banking sector which led to sharp upside in precious metals. Every time risk aversion has risen, we have seen precious metals moving up.
Durban, Apr 21: Kolkata Knight Riders thrashed Kings XI Punjab by 11 runs in a rain truncated Indian Premier League match here on Tuesday.
Barcelona - Argentine Gaston Gaudio fueled his optimism for a possible comeback in tennis as he defeated compatriot Diego Junqueira 6-4, 3-6, 6-4 at the Barcelona Open, winning his first match in nearly two years.
