The Hindu Business Line : Base metals futures hit lower circuits

NEW DELHI: Copper and nickel futures suffered the most to hit lower circuits by losing nearly 5 per cent as the base metals meltdown continued on the Multi Commodity Exchange triggering panic selling by funds.

Copper, for the most-active November contract hit lower circuit and lost 5.16 per cent at Rs 227.05 per kg at the MCX counter, while far-month February contract fell 5 per cent at Rs 229 per kg. Tumbling base metals at the London Metal Exchange (LME) an d weakening Indian rupee, which fell by 54 paisa to 49.04 against the US greenback, also put pressure on the futures, with copper slipping 5.2 per cent at $ 4,665 dollar a tonne.

“The markets, including base metals, are in bears' tight grip as growing global recession fears dimmed outlook for demand for industrial metals across the world,” said Karvy Comtrade's G Harish.

He said market is flooded with panic sellers, escalating the pace of fall in base metals, Harish said. Nickel for November contract fell 5.04 per cent at Rs 569.50 per kg, December 4.83 per cent at Rs 588.70 per kg, while October 4.62 per cent at Rs 553 .40 per kg.

Lead for November fell 5.13 per cent at Rs 71.25 per kg, October contract shed 4.22 per cent at Rs 70.40 per kg and December contract lost 2.63 per cent at Rs 74.05 after lost 65 dollar at 1,450 dollar per tonne at the LME.

Zinc for the most-active December contract fell 4.01 per cent at Rs 65.75 per kg, while October and November contracts drifted by 3.43 per cent at Rs 62 per kg and 2.80 per cent at Rs 64.30 per kg respectively.

Globally, zinc traded $15 dollar lower at $1,300 dollar a tonne. Aluminium for October and November contracts were down by 1.60 per cent and 2.12 per cent at Rs 102.50 per kg and Rs 104 per kg respectively. - PTI

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