Silver up 1.80 percent, copper up 0.96 percent: MCX
Silver prices on Sunday morning were up 1.80 percent at 57,670 rupees a kilo from its close in the previous session, according to MCXindia.com.
Copper was priced at Rs 653 per kg, up 0.96 percent from the last trading price. Experts say the lockdown in China, the world’s biggest consumer of copper, after a surge in Covid-19 cases has weakened demand for the metal. Silver prices are rising across the country due to dhanteras. Copper prices are mainly influenced by global prices, however, copper is also trading in the green on Sunday morning.
Aluminum traded in negative territory, down 0.28 percent to 197 rupees/kg.
Lead was trading 5.90 percent lower at Rs.178.20 per kilogram on MCXIndia.com, while zinc prices per kilogram fell 0.86 percent to Rs.270.80 on Sunday morning.
London copper slipped on Friday as fears of another US Federal Reserve rate hike in November dashed a solid demand outlook, Reuters said.
Three-month copper on the London Metal Exchange fell 0.8 percent to $7,503.50 a tonne by 0458 GMT, reversing Thursday’s gains, Reuters reported.
According to Reuters, South American zinc and copper producer Nexa Resources expected global supplies of zinc metals to be tight due to smelter closures in Europe as energy prices soar, a situation pushing up overall price premiums.