China Aluminium Network
Strong Dollar And Growing Global Economic Concerns Led The Base Metals To Tumble
Edited by : AL CIRCLE
1 min read
In addition to market uncertainties lurks out in the market, the slew of downbeat data regarding US employment status showed that the US economy failed to create jobs last month. This coupled with renewed fears that euro zone sovereign debt crisis is worsening and further, strengthening dollar reduced the appetite for metals. Mixture of these global economic concerns and light volume trade yesterday on US labor holiday led the metals to plummet further yesterday.
The dollar index surged by 0.62 at 75.16 for the fifth consecutive day the highest in last two weeks against the basket of 6 major currencies as the investor's still finding it as a safe heaven asset amid the growing global economic worries in the market.
In the domestic market at MCX,Aluminium eased by 1.84% or Rs. 2.05 at Rs. 109.35 per kg.Among other traded metals at LME, Aluminum ended lower at $2,397a ton, down 1.7%.
The dollar index surged by 0.62 at 75.16 for the fifth consecutive day the highest in last two weeks against the basket of 6 major currencies as the investor's still finding it as a safe heaven asset amid the growing global economic worries in the market.
In the domestic market at MCX,Aluminium eased by 1.84% or Rs. 2.05 at Rs. 109.35 per kg.Among other traded metals at LME, Aluminum ended lower at $2,397a ton, down 1.7%.
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