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Saturday, January 28, 2023

India Base Metals: Mixed amid lack of cues; US economic data eyed

Informist, Wednesday, Dec 28, 2022


By Sandeep Sinha


MUMBAI – Futures contracts of base metals were mixed today on the Multi Commodity Exchange of India amid a lack of fresh cues.


* Trading volumes are likely to be on the lower side as most traders are away on holiday until next week.


COPPER prices pared earlier gains and turned negative because of weak downstream demand in China. Traders increased their short positions by 49 lots to 4,281 on the domestic bourse, which also weighed on prices.


* However, the downside in copper was limited due to a fall in stocks of LME-approved warehouses by 75 tn to 81,400 tn.


* Investors await US pending home sales data, to be released later in the day, for further cues.


ALUMINIUM prices fell tracking weak LME cues and unwinding of positions by traders on the MCX. 


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

 –Aluminium was at 208.35 rupees a kg, down 0.8% 

 –Copper was at 724.80 rupees a kg, down 0.4%

 –LEAD was at 189.65 rupees a kg, up 0.4%

 –ZINC was at 273.20 rupees a kg, up 0.1%


* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 205.25-212.0 rupees a kg

 –Copper seen at 719.0-732.0 rupees a kg

 –Lead seen at 186.0-194.0 rupees a kg

 –Zinc seen at 269.50–277.0 rupees a kg




US$1 = 82.86 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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