Informist, Wednesday, Aug 3, 2022
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and London Metal Exchange rose today due to a decline in inventories and recovery in equity markets.
* LME stocks of ALUMINIUM fell 2,100 tn to 294,550 tn, and those of COPPER fell 725 tn to 130,250 tn; ZINC stocks fell 1,125 tn to 66,925 tn, and those of NICKEL fell 42 tn to 57,900 tn. LEAD stocks, however, remained unchanged at 38,875 tn.
* Prices were also supported by a sharp depreciation of rupee against the dollar, which makes commodities priced in the greenback more expensive for domestic buyers.
* Investors watched out for the Bank of England’s policy rate decision on Thursday for further cues.
* Aluminium prices gained because of short covering of positions by traders on the domestic bourse and fresh buying in the physical market.
* Copper contracts rose as traders increased their long positions on the MCX.
* At 1640 IST, on the MCX, the August futures contract of:
–Aluminium was at 209.65 rupees, up 0.6%
–Copper was at 646.95 rupees a kg, up 0.8%
–Lead was at 177.0 rupees a kg, down 0.1%
–Zinc was at 293.90 rupees a kg, up 0.5%
* Outlook for the evening session on MCX:
–Aluminium contract seen at 205.70-211.0 rupees a kg
–Copper seen at 638.0-651.0 rupees a kg
–Lead seen at 174.70-179.20 rupees a kg
–Zinc seen at 290.60–297.90 rupees a kg
US$1 = 79.16 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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