Informist, Thursday, Nov 23, 2023
By J Navya Sruthi
MUMBAI – Futures contracts of most base metals rose today on the Multi Commodity Exchange of India and the London Metal Exchange because of improved risk sentiment following better-than-expected economic data from Europe. The sentiment was also aided by a weak dollar that makes dollar-denominated commodities cheaper for those holding other currencies.
Eurozone composite purchasing managers’ index rose to 47.1 in November from 46.5 in October, according to a preliminary report by S&P Global and the Hamburg Commercial Bank. Also, data released by S&P Global and Chartered Institute of Procurement and Supply today showed UK composite purchasing managers’ index rose to 50.1 in November from 48.7 in October.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was down nearly 0.3% at 103.62.
“Base metals witnessed a recovery after yesterday’s (Wednesday’s) decline, buoyed by optimism about China’s latest stimulus efforts to stabilise its property sector,” Kotak Securities said in a note.
The volume in non-ferrous metals will be muted in the evening session as US markets are closed for the Thanksgiving holiday.
ALUMINIUM traded flat due to lack of fresh triggers.
COPPER prices rose due to a fall in stocks by 550 tn at LME-accredited warehouses and hope of fresh demand from top consumer China.
LEAD prices fell because of a 600-tn rise in stocks at LME-registered warehouses.
ZINC contracts rose tracking gains in steel prices as the metal is used for galvanisation.
At 1655 IST, on the MCX, the November futures contract of:
–Aluminium was at 203.15 rupees a kg, unchanged
–Copper was at 715.15 rupees a kg, up 0.3%
–Lead was at 187.15 rupees a kg, down 0.3%
–Zinc was at 225.15 rupees a kg, down 0.8%
Outlook for the evening session on the MCX:
–Aluminium contract seen at 202.20-205.00 rupees
–Copper seen at 710.00-721.00 rupees
–Lead seen at 186.80-189.10 rupees
–Zinc seen at 222.50-227.20 rupees
End
US$1 = 83.34 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis