India Base Metals: Mixed as volume thin, dollar steady

Informist, Tuesday, Dec 26, 2023

By J Navya Sruthi

MUMBAI – Futures contracts of base metals were mixed today on the Multi Commodity Exchange of India because of lack of fresh cues and a steady dollar.

The dollar index, which measures the strength of the greenback against a basket of six major currencies, was flat at 101.69.

Trading volume is likely to be thin today as the US market and LME are closed for Boxing Day holiday and no major economic data are scheduled.

Commodities are unlikely to see any significant movement this week due to lack of liquidity in view of the Christmas and New Year holidays.

ALUMINIUM prices fell because of profit-taking by traders on the domestic bourse.

COPPER was marginally higher as money managers increased their net long positions by 9,348 lots to 16,214 lots.

LEAD contracts were flat due to lack of fresh triggers.

ZINC prices rose as China’s refined zinc output declined by 4.23% month on month to 579,000 tn in November.

At 1715 IST, on the MCX, the January futures contract of:

–Aluminium was at 207.8 rupees a kg, down 0.4%

–Copper was at 733.55 rupees a kg, up 0.1%

–Lead was at 182.80 rupees a kg, unchanged

–Zinc was at 230.15 rupees a kg, up 0.5%

Outlook for the evening session on the MCX:

–Aluminium contract seen at 200.2-215.8 rupees

–Copper seen at 726.5-739.7 rupees

–Lead seen at 181.3-184.6 rupees

–Zinc seen at 223.5-233.7 rupees

End

US$1 = 83.19 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Ashish Shirke

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