Indian copper prices were trading at Rs 454.8 per kg, up 1.67%. The prices have been once again inching towards important levels of Rs 456 and 460 per kg. Breaking this would be a sigh of relief for the day traders and speculators betting long.
U.S. sanctions on major aluminium producer Rusal have pushed aluminium prices by more than 20 percent since the sanctions began earlier this month. Some traders and analysts were puzzled about the sudden spike in nickel prices, with some attributing it to technical factors. Global miner Rio Tinto said adjustments may be made to its 2018 aluminium output following sanctions on its Russian partner UC Rusal imposed by the United States earlier this month.
There was little impact on base metals prices from Chinas surprise move to cut banks reserve requirement ratio (RRR), which only lifted Chinese steel, coke and coking coal futures sharply.