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India Base Metals: Most fall on MCX as rupee firm against dollar

Informist, Monday, Jul 4, 2022

 

By Sayantan Sarkar

 

MUMBAI – Futures contracts of most base metals fell today on the Multi Commodity Exchange of India due to a rise in rupee against the dollar. A stronger rupee makes commodities priced in the greenback cheaper. 

 

* Fears over recession in major economies around the world also weighed on COPPER prices today. 

 

* “Inflation and factory data fuelled concerns that central bank tightening will send economies into a recession and hurt demand for commodities,” Angel One Commodities said in a report.   

 

* Meanwhile, China’s policy of zero-tolerance on COVID-19 is likely to hurt demand for base metals such as copper, ALUMINIUM and ZINC as the country accounts for an estimated 20-30% of global demand for these metals. 

 

* In addition, industrial activity in the US slowed more than anticipated in June, which indicated that demand for metals may be lagging in the country.  

 

* At 1805 IST, on the MCX, the July futures contract of:

 –Aluminium was at 211.2 rupees, down 0.1% 

 –Copper was at 676.55 rupees a kg, down 0.4% 

 —LEAD was at 174.80 rupees a kg, down 0.1%

 —ZINC was at 281.40 rupees a kg, up 1.7%

 

* Outlook for the evening session on MCX:

 –Aluminium contract seen at 206.2-214.0 rupees a kg

 –Copper seen at 661.0-688.0 rupees a kg

 –Lead seen at 170.60-177.20 rupees a kg

 –Zinc seen at 272.4–281.9 rupees a kg

 

End

US$1 = 78.95 rupees

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

 

Edited by Deepshikha Bhardwaj

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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Source: Cogencis

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