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India Base Metals: Most up on improved risk sentiment; US PMI eyed

Informist, Friday, Jul 22, 2022

 

By Sandeep Sinha

 

MUMBAI – Most base metals futures traded in the green on the Multi Commodity Exchange of India and London Metal Exchange today on upbeat risk sentiment and rally in equity markets. The non-ferrous metals are on track to culminate the choppy trading week with a gain.

 

ALUMINIUM prices rose after European non-ferrous metals association Eurometaux warned of further significant cuts in production of the metal in Europe due to soaring electricity prices.

 

COPPER gained after Chilean mining giant Antofagasta lowered its full-year production target to 640,000-660,000 tn from 660,000-690,000 tn due to a leak in an underground pipeline at its Los Pelambres plant, and water shortage. 

 

* The positive momentum in metals was further boosted by a decline in LME stocks and hope that top consumer China will consider a stimulus. 

 

* However, an uptick in the dollar index against a basket of major currencies ahead of US Manufacturing Purchasing Managers’ Index, due data later in the day, capped major upside in base metals. A firm greenback makes dollar-denominated commodities expensive for foreign holders. 

 

LEAD prices gained due to short-covering of positions by traders on the MCX. The short-term trend has turned positive as the price moved above the 5- and 20-day simple and exponential moving averages. 

 

* At 1645 IST, on the MCX, the July futures contract of:

 –Aluminium was at 211.35 rupees, up 0.4% 

 –Copper was at 627.45 rupees a kg, up 0.8% 

 –Lead was at 178.05 rupees a kg, up 0.3%

 —ZINC was at 274.10 rupees a kg, down 0.1%

 

* Outlook for the evening session on MCX:

 –Aluminium contract seen at 209.70-215.0 rupees a kg

 –Copper seen at 619.0-636.0 rupees a kg

 –Lead seen at 173.20-180.10 rupees a kg

 –Zinc seen at 267.60–277.0 rupees a kg

 

End

US$1 = 79.85 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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© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

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