4.9 C
New York
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

 

End

 

US$1 = 82.86 rupees

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

 

Edited by Aditya Sakorkar

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,268FansLike
12,893FollowersFollow
742FollowersFollow
- Advertisement -

Latest Articles

Popular Articles