Metal futures range-bound

Print this page Posted on : 03-25-2008 by recycleinme.com

Base metal futures were little changed on Monday after last week's sharp falls with few overseas cues as some markets were closed for extended Easter holidays, analysts said. The benchmark April futures on the Multi Commodity Exchange of India (MCX) traded at Rs 318.80 per kg, up 0.06 per cent over the previous session.

''Since LME is closed there's nothing much to track....there is not much movement expected today,'' said Mr Vishal Aunchalia, an analyst with MK Commodity Brokers Ltd.

London Metal Exchange is closed on account of Easter Monday.

March futures for aluminium on the MCX was up 0.18 per cent from the last session on Thursday at Rs 113.75 a kg. March zinc fell 0.05 per cent to Rs 92.50 per kg, while March lead futures fell 0.32 per cent to Rs 109.20.

Base metal futures may track UShome sales data scheduled for release on Monday, according a report from Karvy Comtrade Ltd. Concerns over the demand outlook for industrial metals with slower growth in the US was weighing on base metals, but it could only be a short term trend, analysts said. Tight supplies could start pushing prices up again, they added.

Source : Business Line