Base metal prices yesterday showed smart improvement as manufacturing speeds up in China and US amid weaker dollar against euro supporting trend.
Copper prices touched the level of 400 marks, while lead was the top gainer, reached level of 108 level. Nickel prices were under pressure, with further buying may see above 1100 level. While Aluminium prices also witnessed some selling from higher levels.
Further, the euro traded higher against the dollar after the European Central Bank left interest rates at a record low, Keeps Key Rate at 1%.
Today, bulk of data from US will be released including nonfarm pay roll data, unemployment rate, factory orders and ISM non manufacturing. Euro zone PMI will also be released today. The above data are important for base metal prices.
Base Metals View:
Base metals prices today may consolidate at current levels, however somewhat selling from higher level is expected, where as in copper and aluminium buying at lower is expected.
