Informist, Wednesday, Jan 10, 2024
By J Navya Sruthi
MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India, tracking those on the London Metal Exchange ahead of the US inflation data, due Thursday, and China’s inflation and trade balance data, scheduled to be released on Friday.
COPPER prices rose today on rising expectations of further monetary easing by the People’s Bank of China, analysts said. The red metal may continue to see robust demand from China this year, Dow Jones reported Saxo Markets’ head of commodity strategy Ole Hansen as saying. The risks of supply disruptions and production downgrades are also supporting prices, it reported.
Copper traded up amid a lack of market-moving catalysts and as market participants await the inflation data from China and the US, Motilal Oswal said in a note.
ALUMINIUM prices fell on the MCX, tracking those on the LME, as inventories climbed to 569,100 tonne, the highest since June 2023, Motilal Oswal said in a note.
Today, traders will closely watch speech by Bank of England Governor Andrew Bailey and New York Fed President John Williams along with World Economic Forum’s global risks report, Kotak Securities said in a note.
At 1725 IST, on the MCX, the January futures contract of:
–Aluminium was at 203.4 rupees a kg, down 0.1%
–Copper was at 716.6 rupees a kg, up 0.4%
–LEAD was at 182.5 rupees a kg, up 0.4%
–ZINC was at 223.8 rupees a kg, up 0.2%
Outlook for the evening session on the MCX:
–Aluminium contract seen at 201.7-205.3 rupees
–Copper seen at 710.2-720.7 rupees
–Lead seen at 180.3-183.3 rupees
–Zinc seen at 220.1-226.2 rupees
End
US$1 = 83.03 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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