Informist, Tuesday, Oct 11, 2022
By Sandeep Sinha
MUMBAI – Futures contracts of all base metals were down on the Multi Commodity Exchange of India and London Metal Exchange because of a selloff across asset classes on increased risk aversion and fear of recession.
* Market sentiment was further weakened by JPMorgan Chase Chief Executive Officer Jamie Dimon’s comments on Monday that the US and the global economy may slip into recession by the middle of next year.
* “We remain sceptical as far as any serious recovery of demand in China is concerned,” Commerzbank said in a report. “The zero-Covid strategy, which we believe the government is likely to stick with even after the Party Conference on 16 October, the faltering real estate market also argues against any strong revival of demand.”
* Market players are waiting for speeches of US Federal Open Market Committee members Charles Evans and Lael Brainard later today for more clarity about the Fed’s monetary stance.
* ALUMINIUM prices fell on the MCX because of profit-booking by traders and weak global cues.
* COPPER traded lower as market players increased their short positions on the domestic bourse and because of a sharp jump of 1,975 tn in LME stocks.
* At 1708 IST, on the MCX, the October futures contract of:
–Aluminium was at 197.40 rupees a kg, down 1.7%
–Copper was at 651.0 rupees a kg, down 0.9%
–LEAD was at 179.75 rupees a kg, down 0.8%
–ZINC was at 271.25 rupees a kg, down 1.5%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 196.20-204.0 rupees a kg
–Copper seen at 639.0-666.0 rupees a kg
–Lead seen at 178.70-183.20 rupees a kg
–Zinc seen at 270.40–277.60 rupees a kg
US$1 = 82.31 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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