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Friday, February 3, 2023

India Base Metals: Most up as US inflation eases; Copper flat

Informist, Friday, Jan 13, 2023


By Chinmay Mungse


MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India and London Metal Exchange today as a fall in the US consumer price inflation strengthened expectations of smaller rate hikes by the US Federal Reserve.


* Headline inflation in the US increased to 6.5% in December, the smallest rise since October 2021, after it advanced to 7.1% in November. 


* According to data from the CME Group’s Fedwatch tool, close to 95% of Fed funds traders expect a 25-basis-point rate hike by the central bank in its February meeting. 


* Further, Chinese officials repeatedly urging for stimulus measures has been boosting market confidence in the demand outlook for base metals. China is the world’s top consumer of base metals. 


* COPPER prices on the domestic bourse and LME were flat today as traders took a breather after a five-day rally which saw prices surging above $9,000 per tn.


* However, supply disruptions in Peru are expected to support copper prices. “Copper may gain support from supply disruptions at MMG Ltd’s Las Bambas, which has halted copper concentrate transportation due to security concerns amid ongoing protests in Peru,” Kotak Securities said in a report. 


* At 1655 IST, on the MCX, the January futures contract of:

 –ALUMINIUM was at 217.25 rupees a kg, up 0.8% 

 –Copper was at 768.35 rupees a kg, flat from the previous close

 –LEAD was at 189.5 rupees a kg, up 0.3%

 –ZINC was at 286.6 rupees a kg, up 1.5%


* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 212.0-221.50 rupees a kg

 –Copper seen at 762.8-773.4 rupees a kg

 –Lead seen at 188.20-190.1 rupees a kg

 –Zinc seen at 281.1–287.80 rupees a kg





US$1 = 81.32 rupees

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


Edited by Tanima Banerjee


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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Source: Cogencis

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