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Friday, September 30, 2022

India Base Metals: Most down on profit booking, recovery in dollar

Informist, Friday, Aug 12, 2022


By Sandeep Sinha


MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange and London Metal Exchange due to profit booking after sharp gains this week, and a recovery in the US dollar today.


* “Commodities have gained sharply this week but are struggling to build on these gains amid lack of any fresh triggers,” brokerage Kotak Securities said in a report. “We may see some correction if US dollar manages to recover further.” 


* The outlook for eurozone manufacturers remains worrying with shrinking backlogs of work and falling new work orders weighing on industrial metals.


* The dollar index, which measures strength in the greenback against a basket of major currencies, was up 0.4% at 105.36 on Friday. A firm greenback makes dollar-denominated commodities such as non-ferrous metals expensive for holders of other currencies, reducing its demand.

* COPPER prices, viewed as an indicator of the health of an economy, eased as speculators in the market believe a global downturn means prices of the metal used in power and construction has to fall further, despite its recent rebound, said IIFL Securities.

* ALUMINIUM prices fell as traders increased their short positions on the MCX. However, the sharp downside was cushioned by a decline in LME inventory by 1,900 tn.


* ZINC contracts slipped due to profit booking and traders liquidating long positions on the domestic bourse.


* At 1636 IST, on the MCX, the August futures contract of:

 –Aluminium was at 215.95 rupees, down 1% 

 –Copper was at 675.00 rupees a kg, down 0.9% 

 –LEAD was at 184.50 rupees a kg, flat

 –Zinc was at 321.15 rupees a kg, down 1.9%


* Outlook for the evening session on MCX:

 –Aluminium contract seen at 213.10-220.40 rupees a kg

 –Copper seen at 665.50-686.80 rupees a kg

 –Lead seen at 182.0-185.50 rupees a kg

 –Zinc seen at 318.60–334.70 rupees a kg




US$1 = 79.65 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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