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Monday, January 30, 2023

India Base Metals: All rise on subdued dollar amid thin trade

Informist, Monday, Dec 26, 2022


By Sandeep Sinha


MUMBAI – Futures contracts of base metals rose today on the Multi Commodity Exchange of India because of a subdued dollar and lack of fresh triggers.


* Trading volume is likely to be thin this today as the US market is closed today for Boxing Day, while the LME is shut today and Tuesday for the Christmas and Boxing Day holidays.


COPPER prices soared on low inventories at LME- and Shanghai Futures Exchange-registered warehouses. The sentiment was further supported by expectations of economic stimulus from top consumer China to revive growth.


* Traders increased long positions in copper on the domestic bourse by 228 lots, which also aided the prices.


* Investors will take cues from China industrial profits and US jobless claims and Chicago purchasing managers’ index, to be released later in the week.


ALUMINIUM prices recouped earlier losses and turned positive on the MCX as market participants increased their long positions in the January contract by 203 lots.


* At 1750 IST, on the MCX, the January futures contract of:

 –Aluminium was at 208.80 rupees a kg, up 0.3% 

 –Copper was at 724.65 rupees a kg, up 1.7%

 –LEAD was at 188.40 rupees a kg, up 0.2% 

 –ZINC was at 270.65 rupees a kg, up 0.5%


* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 204.0-210.0 rupees a kg

 –Copper seen at 718.0-729.0 rupees a kg

 –Lead seen at 185.0-189.50 rupees a kg

 –Zinc seen at 267.0–272.0 rupees a kg




US$1 = 82.65 rupees

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


Edited by Aditya Sakorkar


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Source: Cogencis

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