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India Base Metals: Mixed on MCX ahead of US non-farm payrolls data

Informist, Friday, Oct 7, 2022


By Sandeep Sinha


MUMBAI – Most base metals futures traded mixed on the Multi Commodity Exchange of India, despite weak cues from London Metal Exchange today as investors await the US non-farm payrolls report later today.


* “Holding any sort of risk in non-ferrous metals has become a bit of a lottery with the macro uncertainty and price patterns leaving many on the sidelines and therefore the high-frequency programs dominate,” Al Munro at broker Marex said in a note.


* The sentiment was further dented by US Federal Reserve members maintaining a hawkish stance stating that bringing inflation under control remains a key priority.


* Trading in base metals has been subdued as the Chinese market is shut for the National Day/Golden Week Holiday and will open on Monday. The country is the biggest producer and consumer of base metals.


COPPER fell on fears of global slowdown and a sharp jump in LME inventory by 3,575 tn. The price on LME has slipped below the 8-day moving average at $7,543 per tn.


* “Commodities may trade sideways to lower as global risk appetite is likely to be limited today ahead of US labour report”, Kotak Securities said in a report.


* However, the downside was capped in non-ferrous metals due to weakness in the dollar index against a basket of major currencies. A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.


ALUMINIUM prices rose on a decline in LME stocks by 1,225 tn and market players raised fresh long positions on the MCX.


ZINC contract slipped on profit-booking and traders increasing fresh short positions on the domestic bourse. 


* At 1809 IST, on the MCX, the October futures contract of:

 –Aluminium was at 206.95 rupees a kg, up 0.3% 

 –Copper was at 653.95 rupees a kg, down 0.4% 

 –LEAD was at 182.40 rupees a kg, up 0.3%

 –Zinc was at 280.20 rupees a kg, down 0.8%


* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 204.0-210.0 rupees a kg

 –Copper seen at 649.0-662.0 rupees a kg

 –Lead seen at 180.0-184.0 rupees a kg

 –Zinc seen at 277.0–285.0 rupees a kg



US$1 = 82.32 rupees

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


Edited by Maheswaran Parameswaran



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Source: Cogencis

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