| Base metals are likely to remain sideways in the coming weeks due the fear of a default by Greece and weakening demand from China, the world’s largest consumer. Euro zone leaders have convened an emergency meeting on Monday to try to avert a Greek default and achieve a resolution with creditors. Meanwhile, bank withdrawals accelerated resulting into falling government’s revenue as Athens and other international creditors remained deadlocked over the debt deal.
Also, weakness in Chinese demand has created a pressure on base metals. Consequently, copper prices fell by 3.83 per cent last week to settle on Friday at $5,663 a tonne. Nickel and aluminium also moved down by 3.56 per cent and three per cent to end the week at $12,600 a tonne and $1,650.5 a tonne, respectively. Other metals also followed suit...............................................Full Article: Source
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