Mumbai, 23 April (CommoditiesControl): Metal prices witnessed a downturn on Tuesday as traders and investors in Asia exercised caution following recent robust price rallies, partially fueled by speculative trading.
On the London Metal Exchange (LME), three-month copper fell 1.4% to $9,691 per metric ton, while the most-traded June copper contract on the Shanghai Futures Exchange declined 2.57% to 78,020 yuan ($10,767.54) a ton.
Despite the decline LME copper remains up 14% so far this month, hovering near a formidable resistance level of $10,000. SHFE copper has been consistently breaking fresh record highs throughout April.
The rally in metal prices has been driven by speculative trading, hedging against persistent inflation, supply disruptions in some metals, and positive macroeconomic data.
LME nickel dropped 2.99% to $19,085 a ton, tin tumbled 5.22% to $32,510, aluminium declined 1.4% to $2,633.50, zinc shed 1.42% to $2,786.50, and lead decreased 0.8% to $2,152. Additionally, the LME cash aluminium traded at a premium of $27.09 a ton over the three-month contract, the highest premium since June last year. LME cancelled warrants of aluminium surged to 348,000 tons, the highest since February 2022, while cancelled warrants of lead leaped to 129,650 tons, the highest since June 2013.
SHFE tin plummeted 8.79% to 254,680 yuan a ton, aluminium fell 1.82% to 20,200 yuan, lead dropped 2.9% to 16,765 yuan, nickel decreased 2.08% to 141,830 yuan, and zinc declined 1.85% to 22,310 yuan.
MCX copper is also down by 1.42% trading at 832.35, MCX aluminium is down by 1.35% trading at 240.25, MCX zinc is down by 1.58% trading at 245.50, and MCX lead is down by 0.24% trading at 188.25.
(By Commoditiescontrol Bureau; +91-9820130172)
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