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Friday, January 27, 2023

India Base Metals: Most down on firm rupee, China demand concerns

Informist, Friday, Dec 30, 2022


By Sandeep Sinha


MUMBAI – Future contracts of most base metals on the Multi Commodity Exchange of India fell today, as the rupee rose against the dollar, making imports of these commodities cheaper. Also, rising COVID-19 cases in top consumer China, weighed on prices.


* Trading volumes are muted as most traders are away on holiday until next week.


* “Commodities may not see any significant move as investors may choose to remain on the sidelines amid thin trading volumes in the last trading session,” Kotak Securities said in a report.


ALUMINIUM prices slipped as traders increased their short positions to the January contract by 177 lots on MCX. However, the downside was cushioned by a fall in stocks at LME-approved warehouses by 3,075 tn.


COPPER prices fell due to a rise in LME-accredited warehouses inventory by 2,900 tn to 88,925 tn.


* At 1855 IST, on the MCX, the January futures contract of:

 –Aluminium was at 209.20 rupees a kg, down 0.4% 

 –Copper was at 719.35 rupees a kg, down 0.5%

 –LEAD was at 188.65 rupees a kg, down 0.1%

 –ZINC was at 269.55 rupees a kg, up 0.3%


* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 206.50-214.20 rupees a kg

 –Copper seen at 714.0-730.20 rupees a kg

 –Lead seen at 186.0-193.60 rupees a kg

 –Zinc seen at 266.20–273.80 rupees a kg



US$1 = 82.72 rupees

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


Edited by Maheswaran Parameswaran



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Source: Cogencis

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