Base metals pack on the LME traded on a mixed note yesterday as news that Japan's economy had slipped into recession weighed on prices. Also, strength in the DX along with weak market sentiments acted as negative factors. Further, output at factories, mines and utilities in the U.S., the second-biggest consumer, fell 0.1 percent in October.
LME copper prices fell by 0.1 percent yesterday as Japan’s slump into its fourth recession since 2008 threatening the failure of the Abenomics reflation program, raised demand concerns for the red metal. Also, unfavorable industrial data from the US exerted downside pressure on prices. However, expectations of supply deficit coupled with decline in LME stocks cushioned sharp downside.
On the MCX, red metal prices declined 0.1 percent and closed at Rs.415.1/kg on Monday.