Base metals settles down on selling pressure
Sharp decline in China's imports of copper amid an unexpected drop in US existing home sales weighed on copper prices with other base metals witnessed some selling.
Further, geopolitical tensions in the Middle East putting pressure on prices. Copper prices yesterday fell near 426 level on MCX with other metals nickel and zinc also felt selling pressure.
As per Reuter's calculations, apparent demand for refined copper in China fell 12.5 percent in February as imports slowed and stockpiles held at the Shanghai Futures exchange grew.
China's imports of refined copper dips to 27 month low dropped by 28% in February compared to the same period last year due to high stockpiles and holidays in the year's shortest month.
Increasing stockpiles at LME warehouses indicates weak physical demand as LME copper stocks are up by more than 23 percent since last December.
Base Metals Technical View: Today, base metals prices are expected to trade sideways to positive.
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