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Sunday, October 2, 2022

India Base Metals: Most up due to decline in LME stocks; weak rupee

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

 

End

US$1 = 79.16 rupees

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

 

Edited by Tanima Banerjee

 

 

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.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

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

 

Source: Cogencis

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