Informist, Friday, Oct 13, 2023
By Ishan Rathi
MUMBAI – Futures of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange were mixed as the dollar was steady ahead of the University of Michigan Consumer Inflation Expectations data due later today.
The positive economic data from the eurozone was offset by weak economic data from China.
Eurozone industrial output rose 0.6% on month in August, according to a Eurostat report.
Data from China’s National Bureau of Statistics showed that the country’s CPI was flat on an annual basis in September, raising deflationary concerns. “China’s economic recovery remains challenged, and is perhaps behind recent rumours of a slightly more accommodative approach to central government deficits,” ING Economics said in a note.
The Chinese economy is expected to have lost momentum considerably, with quarter-on-quarter growth having probably weakened more noticeably than anticipated, said Commerzbank Research in a report.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was flat at 106.60.
“The only glimmer of hope is likely to be the still robust infrastructure investments, which serve as an important support and go at least some way to offsetting the weakness of the real estate sector, which should benefit above all those metals that are mainly used in construction,” the German bank said.
ALUMINIUM prices fell as traders increased their short positions on the domestic exchange.
COPPER prices rose due to a fall in stocks by 250 tn at LME-accredited warehouses.
LEAD contracts were lower because of short rises in stocks by 3,125 tn at LME-registered warehouses and ample supply.
ZINC contracts traded slightly higher on value buying by traders in the physical market.
* At 1735 IST, on the MCX, the October contract of:
–Aluminium was at 203.40 rupees a kg, down 0.1%
–Copper was at 701.20 rupees a kg, up 0.2%
–Lead was at 185.55 rupees a kg, down 0.1%
–Zinc was at 220.40 rupees a kg, up 0.1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 201.0-205.0 rupees
–Copper seen at 696.0-706.0 rupees
–Lead seen at 183.80-188.0 rupees
–Zinc seen at 217.50–223.0 rupees
End
US$1 = 83.26 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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