Silver prices up 1.80pc, copper up 0.96pc: MCX
Updated: October 23, 2022 12:24 p.m. STI
New Delhi [India]Oct.23 (ANI): Silver price on Sunday morning traded down 1.80% to Rs 57,670 per kilo from its closing price in the last session, according to MCXindia.com.
The copper price was at 653 rupees per kg, an increase of 0.96% from its last trading price. Experts say the lockdown in China, the world’s biggest consumer of copper, following a rise in Covid-19 cases has weakened demand for the metal.
Due to Dhanteras, silver prices across the country are getting stronger. Copper prices are mainly influenced by world prices, but copper is also trading in green territory on Sunday morning.
Aluminum was trading in negative territory, down 0.28% to Rs 197/kg.
Lead was trading down 5.90% on MCXIndia.com at Rs 178.20 per kilogram, where zinc rates per 1 kilogram were down 0.86% at Rs 270.80 on Sunday morning.
London copper slid on Friday as fears of another interest rate hike by the U.S. Federal Reserve in November offset a strong demand outlook, Reuters said.
Three-month copper on the London Metal Exchange fell 0.8% to $7,503.50 a tonne at 0458 GMT, reversing Thursday’s gains, Reuters reported.
According to Reuters, South American zinc and copper producer Nexa Resources expected global zinc reserves due to smelter closures in Europe as energy prices soared, a situation that is pushing up aggregate price premiums. (ANI)