Informist, Tuesday, Jan 16, 2024
By Sandeep Sinha
MUMBAI – Most base metals futures on the Multi Commodity Exchange of India rose today despite mixed cues from the London Metal Exchange due to a depreciation in the rupee against the dollar, which makes commodities priced in dollars expensive for domestic buyers.
The Indian rupee settled 0.2% lower against the dollar, as the greenback surged to a month high on the back of safe-haven demand.
Investors also look forward to the US Empire State Manufacturing index and Federal Reserve Governor Christopher Waller’s speech later today for further cues. They will also watch out for China’s December industrial production data, to be released on Wednesday.
ALUMINIUM prices rose because of buying by commodity trading advisers and a fall in China’s spot inventory.
COPPER prices gained after Chile’s state-owned Cochilco raised the 2024 price forecast to $3.85 per pound from $3.75 earlier. The positive sentiment was also boosted by lower-than-expected production at Escondida mine, the largest copper mine in the world due to lower-grade ores.
At 1850 IST, on the MCX, the January futures contract of:
–Aluminium was at 200.80 rupees a kg, up 0.8%
–Copper was at 716.50 rupees a kg, up 0.2%
–LEAD was at 182.50 rupees a kg, up 0.1%
–ZINC was at 224.90 rupees a kg, down 0.3%
Outlook for the evening session on the MCX:
–Aluminium contract seen at 199.50-203.50 rupees
–Copper seen at 711.50-720.0 rupees
–Lead seen at 180.0-185.0 rupees
–Zinc seen at 221.0-227.50 rupees
End
US$1 = 83.07 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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