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India Base Metals:All down on selloff post surge on Wed, US CPI eyed

Informist, Thursday, Jan 12, 2023

 

By Chinmay Mungse

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and COMEX fell today due to a selloff after the contracts surged on Wednesday. 

 

* Authorities in China urged for stimulus to boost economic activity, especially the cash-strapped real estate sector, and this improved demand prospects for base metals in the world’s largest consumer on Wednesday. 

 

* Expectations of a surge in demand led the COPPER contract on the LME to jump to a seven-month high of $9,518 per tn. On the domestic bourse, copper contracts surged to a seven-month high of 771.05 rupees per tn on Wednesday. 

 

ALUMINIUM contracts on the MCX rose to a five-week high of 214.55 rupees per tn on Wednesday, tracking gains on LME. 

 

* “Base metals trade lower, taking a pause after sharp gains on Wednesday on hopes of improved demand outlook as China eased restrictions,” Kotak Securities said in a report. 

 

* Slightly higher inflation in China also dented the demand for base metals. China’s consumer price inflation rose 1.8% on year in December, up from 1.6% in November, while producer price inflation fell 0.7%, despite COVID disruptions.

 

* At 1648 IST, on the MCX, the January futures contract of:

 –Aluminium was at 212.25 rupees a kg, down 0.6% 

 –Copper was at 764.9 rupees a kg, down 0.6%

 –LEAD was at 188.7 rupees a kg, down 0.2%

 –ZINC was at 279.5 rupees a kg, down 0.5%

 

* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 210.50-214.80 rupees a kg

 –Copper seen at 760.0-768.0 rupees a kg

 –Lead seen at 187.50-191.0 rupees a kg

 –Zinc seen at 277.50–281.50 rupees a kg

 

End

 

US$1 = 81.56 rupees

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

 

Edited by Avishek Dutta

 

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.

 

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© Informist Media Pvt. Ltd. 2023. All rights reserved.

Source: Cogencis

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