Base Metals Under Stress, MCX Zinc Falls More Than 1%

Base Metals Under Stress, MCX Zinc Falls More Than 1%

Jun 16, 2021 05:06 IST capital market

Base metals mostly stayed weak today as equities moved down in cautious trades ahead of the US Fed monetary policy meeting. The benchmark Chinese index Shanghai Composite continued to drop, falling around 1% today. Hong Kongs Hang Seng index slipped 0.70%. The Japanese Nikkei index lost 0.50% on the day. The European equities also stayed slippery. In a key data for metals, Chinas industrial production grew 8.8% on a yearly basis in May. Industrial production was the lowest rate in 5 months amid softer export orders. This kept COMEX Copper around seven week low. The counter currently trades at $4.34 per pound, up marginally on the day. The MCX Copper futures are trading at Rs 717.50 per kg, almost unchanged on the day. MCX Zinc futures are trading at Rs 237.55 per kg, down 1.21% on the day.

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