Base Metals
Base metals on the LME traded positive on Tuesday on account of short covering after the fall in the recent weeks on concerns over growth in China and falling equities.
Stronger dollar however acted as a cap for further rise in all the metals.
On the MCX, all the base metal prices traded higher in line with international markets.
Copper
LME Copper prices rose on Tuesday to close at $5297.5 per tonne but the market remained nervous over the latest convulsions in Chinese equities and the possible ramifications for demand from the world's top metals consumer.
Chinese shares fell as Beijing scrambled once again to prop up a market whose wild gyrations have heightened fears about the financial stability of the world's second-biggest economy.
MCX copper traded higher by 1.6 percent in line with international markets and closed at Rs.341.4/kg.
Outlook
We expect LME Copper prices to trade sideways today as investors will be highly cautious ahead of FOMC statement for further cues on timing of interest rate hike for the first time in nearly a decade. Also, weakness in the Chinese economy along with stocks rout will exert pressure.
On the MCX, copper prices are expected to trade sideways today.
Contributed by Angel Broking
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