Informist, Wednesday, Nov 8, 2023
By Ishan Rathi
MUMBAI – Futures contracts of most base metals on MCX rose today, tracking those on the London Metal Exchange, due to optimism about higher demand from China.
Chinese Premier Li Keqiang’s announcement of opening up the economy and aiming for $17 trln of imports over five years boosted market confidence, Kedia Advisory said in a report.
China’s trade data released on Tuesday indicates that the country’s appetite for commodities is still strong, Dow Jones said, quoting ANZ Research analysts in a research report.
This comes amid growing optimism that Beijing will take on more debt to address local funding constraints, Motilal Oswal said in a report.
COPPER prices fell due to signs of stronger supply as BHP’s Escondida, the biggest copper mine in the world, saw its output jump 25% on year in September, Motilal Oswal said in a report.
Market participants will take cues from US Federal Reserve Chair Jerome Powell’s speech later today. Investors will also watch out for Consumer Price Index data from China, and unemployment claims from the US on Thursday.
* At 1543 IST, on the MCX, the November contract of:
–Aluminium was at 208.1 rupees a kg, down 0.1%
–Copper was at 709.8 rupees a kg, down 0.1%
–Lead was at 187.3 rupees a kg, up 0.1%
–Zinc was at 228.6 rupees a kg, up 0.8%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 204.00-211.30 rupees
–Copper seen at 701.00-718.00 rupees
–Lead seen at 185.00-189.20 rupees
–Zinc seen at 224.00-232.00 rupees
End
US$1 = 83.27 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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