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India Base Metals: All down tracking LME on profit booking

Informist, Tuesday, Jul 19, 2022

 

By Sandeep Sinha

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India fell today, tracking the London Metal Exchange where prices were down due to profit booking after sharp gains on Monday. The sentiment was further weighed down by weak US economic data and prospects of a steep rate hike by the European Central Bank later in the week. 

 

* The National Association of Homebuilders’ monthly index of activity came in at 55 in July, against 67 in June, the lowest in two years owing to high prices, soaring mortgage rates, and lower affordability.

 

* The rise in COVID-19 cases in top consumer China and fear of global recession also hurt sentiment.

 

* The International Nickel Study Group reported that the global NICKEL market surplus increased to 20,700 tn in May from 3,200 tn in April due to significant expansion in capacity.

 

* “Overall, commodities remain under pressure as support from weaker US dollar is countered by growth worries and China concerns,” Kotak Securities said in a report. 

 

* However, the downside in non-ferrous metals was limited by a decline in the dollar index. A weaker greenback makes dollar-denominated commodities cheaper for foreign holders.

 

ALUMINIUM prices slipped due to weak demand and a surge in production in China. Traders increasing their short positions on the domestic bourse also weighed on prices.

 

COPPER contracts fell due to a rise in LME stocks by 5,925 tn and market players raising their short position on the MCX. 

 

* At 1718 IST, on the MCX, the July futures contract of:

 –Aluminium was at 210.15 rupees, down 0.1% 

 –Copper was at 625.0 rupees a kg, down 0.9% 

 —LEAD was at 175.0 rupees a kg, down 1%

 —ZINC was at 272.50 rupees a kg, down 1.2%

 

* Outlook for the evening session on MCX:

 –Aluminium contract seen at 206.80-213.0 rupees a kg

 –Copper seen at 616.0-636.0 rupees a kg

 –Lead seen at 172.20-178.20 rupees a kg

 –Zinc seen at 270.0–276.80 rupees a kg

 

End

 

US$1 = 79.94 rupees

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

 

Edited by Avishek Dutta

 

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

Source: Cogencis

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