Informist, Friday, Dec 1, 2023
By J Navya Sruthi
MUMBAI – COPPER futures contracts rose on the Multi Commodity Exchange of India today and the London Metal Exchange because of better-than-expected economic data from top consumer China, supply disruption and a fall in inventory.
The Caixin China General Manufacturing Purchasing Managers’ Index, which gives an independent snapshot of the sector, climbed to 50.7 in November from 49.5 a month ago. A reading above 50 indicates an expansion in activity, while a number below that indicates a contraction.
The closure of Canadian miner First Quantum’s lucrative copper mine, Cobre Panama, added to copper’s prices. “The company is expected to begin the process of closing its multibillion-dollar operations in Panama today,” CTV reported today.
The mine contributes around 1% of the total copper production globally, over 86,000 tn.
Also, the positive sentiment was also aided by a fall in stocks by 1,000 tn at LME-accredited warehouses.
“Among industrial metals, copper prices steadied on Friday after clocking strong gains in November, amid some improving economic trends in China and expectations of tighter supplies,” investing.com reported.
Investors will now take cues from the US Federal Reserve Chairman Jerome Powell’s speech later today for further cues.
ALUMINIUM prices fell as traders increased their short positions on the domestic exchange.
LEAD contracts traded a tad lower due to profit-taking on the MCX.
ZINC contracts were flat due to a lack of fresh triggers.
At 1925 IST, on the MCX, the December futures contract of:
–Aluminium was at 200.55 rupees a kg, down 0.3%
–Copper was at 724.20 rupees a kg, up 0.3%
–Lead was at 185.55 rupees a kg, down 0.1%
–Zinc was at 222.80 rupees a kg, unch
Outlook for the evening session on the MCX:
–Aluminium contract seen at 198.50-204.00 rupees
–Copper seen at 716.00-727.00 rupees
–Lead seen at 184.20-187.50 rupees
–Zinc seen at 219.50-225.60 rupees
End
US$1 = 83.29 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
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