Base metals sink to multi-month lows, Copper down around 10% in March

Global metal markets are trying to stabilize today after a massive wave of correction in last few days. Copper has been falling consistently after breaking under $6 per pound mark earlier this month and tanked around 5% in intraday moves to test three-month low. Markets tracked the US-Israel war with Iran and sustained losses in equities are taking a toll on sentiments. US stocks fell yesterday with NASDAQ testing six-month low. Meanwhile, on LME, Aluminium saw heavy selling as three-month futures tumbled as much as 8% to test three-week low. It ended down around 5%. Copper sank 5% to a three-month low amid rising inventories on the exchange. In other metals, Lead hit an 11-month low, zinc touched its weakest in three months. COMEX Copper is up marginally by 0.37% at $5.48 per pound today but is down 4.70% this week and has lost around 10% in March.

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