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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



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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Source: Cogencis

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