Futures contracts of most base metals on the LME were trading higher today due to concerns of a fall in supply. The three-month contract of aluminium traded at $2,029 per tn, up 0.1% from the previous close. Reports that China's Shandong province has ordered a shutdown of 3.21 mln tn per annum aluminium smelting capacity has supported prices of the base metal. Reports that China has temporarily shut down few mines of zinc and lead for maintenance has also supported sentiments of the base metals.
Investors are now awaiting US jobless claim data and US Producer Price Index due to be released later today which will decide further direction in MCX.
Source: Newswire
More will update soon!!
