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Tuesday, May 17, 2022

India Base Metals: Most fall on MCX, LME on profit booking

Informist, Monday, Jan 17, 2022

 

By Sandeep Sinha

 

MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India and London Metal Exchange as investors booked profits after a surge in prices in the past few sessions.

 

* According to the National Bureau of Statistics, the Chinese economy grew at 4% in the fourth quarter, higher than what most analysts projected. The People’s Bank of China also lowered interest rates on one-year medium-term lending facility loans by 10 basis points to 2.85%.

 

* “It seems that the extensive new capacities that have gone into operation have more than offset the production cuts brought about by the rationing of electricity in China,” Commerzbank AG said in a report. “As ordered by the authorities, Chinese steel production fell slightly short of the previous year’s figure (-3%), though another gigantic amount of over 1 billion tons was produced once again,” it said. 

 

ALUMINIUM contracts were slightly lower on profit booking as traders reduced their long bets. China’s export of unwrought aluminium and aluminium products jumped 562,975 tn in December, up from 509,319 tn in November. 

 

COPPER prices fell tracking a sell-off on the Shanghai Futures Exchange, but the downside was cushioned by lower inventories at warehouses monitored by the LME and the Shanghai bourse.

  

* At 1730 IST, on the MCX, the January futures contract of

 –Aluminium was at 234.9 rupees a kg, down 0.1%

 –Copper was at 739.5 rupees a kg, down 0.4% 

 —LEAD was at 189.1 rupees a kg, down 0.4%

 —NICKEL was at 1,632.7 rupees a kg, up 0.1%

 —ZINC was at 287.9 rupees a kg, down 0.1%

 

* Outlook for the evening session on MCX:

 –Aluminium contract seen 234-237 rupees per kg

 –Copper contract seen 734-749 rupees per kg

 –Lead contract seen 189-191 rupees per kg

 –Nickel contract seen 1,625-1,661 rupees per kg

 –Zinc contract seen 285–291 rupees per kg

 

End

 

US$1 = 74.23 rupees

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

 

Edited by Aditya Sakorkar

 

Cogencis news is now Informist. 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.

 

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© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

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