Informist, Tuesday, Dec 27, 2022
By Sandeep Sinha
MUMBAI – Futures contracts of all base metals were up on the Multi Commodity Exchange of India today because of improvement in risk appetite, rise in equities, and China easing COVID-19 restrictions further.
* A weak dollar, which makes dollar-denominated commodities cheaper for holders of other currencies, also supported base metal prices.
* China’s National Health Commission on Monday announced that it will lower its COVID-19 status to less severe Class B from Jan 8 and scrap quarantine requirements for inbound travellers.
* COPPER prices were up on improved risk appetite and hopes of a rebound in demand from China. Traders increased long positions on the domestic bourse by 214 lots, which also aided the prices.
* Trading volume is likely to be thin as the London Metal Exchange is shut for Boxing Day holiday and most traders are away on holiday in the US, UK, and European countries.
* However, the upside in non-ferrous metals was capped because China’s Jan-Nov industrial profits fell by 3.6% from the 3% decline in the first 10 months, according to the National Bureau of Statistics.
* ALUMINIUM prices were up as traders increased their long positions by 146 lots on the domestic bourse.
* ZINC contracts were up on expectations of rise in steel demand from China following its pledge to support the property sector. Zinc is used for galvanisation.
* At 1725 IST, on the MCX, the January futures contract of:
–Aluminium was at 210.70 rupees a kg, up 0.9%
–Copper was at 734.75 rupees a kg, up 1.5%
–LEAD was at 189.40 rupees a kg, up 0.4%
–Zinc was at 273.15 rupees a kg, up 1.3%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 207.0-214.0 rupees a kg
–Copper seen at 727.0-744.0 rupees a kg
–Lead seen at 186.0-192.25 rupees a kg
–Zinc seen at 268.0–277.0 rupees a kg
US$1 = 82.84 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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