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Saturday, January 28, 2023

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




US$1 = 81.56 rupees

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


Edited by Avishek Dutta


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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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Source: Cogencis

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