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Monday, October 2, 2023

India Base Metals:Up tracking LME as supply from Russia seen falling

Informist, Wednesday, Mar 2, 2022


By Sayantan Sarkar


MUMBAI – Base metal contracts on the Multi Commodity Exchange of India and the London Metal Exchange rose today, as supply from Russia is expected to be disrupted as Western countries continue to bury Moscow under sanctions. 


* Several regions, including the US and the European Union, have imposed sanctions on the Russian central bank and some other private banks. This is in addition to the cross-border curbs on payments that rely on the SWIFT messaging platform, scuttling any efforts by Russia to continue to access global trade channels efficiently and bypass sanctions.


* Russia is a major producer of ALUMINIUM and NICKEL, prices of which have surged to decade-higha since the country invaded Ukraine last week. 


* “Supply outages from Russia are now but a question of time. Depending (on) how long they last, they could cause turmoil on the markets – in which case metals prices would presumably rise significantly further,” Commerzbank AG said in a report. 


* At 1731 IST, on the MCX, the March futures contract of
 –Aluminium was at 287.6 rupees, up 5.6%
 —COPPER was at 796.9 rupees a kg, up 1.1% 
 —LEAD was at 190.1 rupees a kg, up 0.7%
 –Nickel was at 1,957.6 rupees a kg, up 1.4%
 —ZINC was at 322.7 rupees a kg, up 3.0%


* Outlook for the evening session on the MCX:
 –Aluminium contract seen at 282-289 rupees per kg
 –Copper contract seen at 785-805 rupees per kg
 –Lead contract seen at 187.5-192.0 rupees per kg
 –Nickel contract seen at 1,920.00-1,982.00 rupees per kg
 –Zinc contract seen at 317–325 rupees per kg



US$1 = 75.71 rupees

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


Edited by Avishek Dutta


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Source: Cogencis

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