Home Commodity Market News India Base Metals: Most up on upbeat risk sentiment, subdued dollar

India Base Metals: Most up on upbeat risk sentiment, subdued dollar

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Informist, Monday, Jan 16, 2023

 

By Sandeep Sinha

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose today due to improved risk appetite and a subdued dollar.

 

* The positive cues were further supported by a fall in stocks at LME-registered warehouses. 

 

* “Commodities may remain supported on a slower pace of rate hikes while lighter trading volumes will be seen in the evening session as US markets are closed for Martin Luther King Jr. Day,” Kotak Securities said in a note.

 

ALUMINIUM prices rose as traders increased their long positions on the domestic bourse, and inventories at LME-accredited warehouses fell by 3,600 tn to 399,650 tn. Chinese customs data showed unwrought aluminium exports soared 3.5% on month to 471,000 tn in December, which also supported prices. 

 

COPPER prices fell due to profit-booking and weak demand from top consumer China ahead of the New Year. The red metal underperformed other base metals in the January series on MCX, having fallen 0.3% since inception.

 

LEAD prices rose due to a fall of 25 tn in stocks at LME warehouses, and traders raising their long positions on the MCX.

 

* At 1815 IST, on the MCX, the January futures contract of:

 –Aluminium was at 221.75 rupees a kg, up 1.2% 

 –Copper was at 769.75 rupees a kg, down 0.3%

 –Lead was at 192.35 rupees a kg, up 1.1%

 –ZINC was at 289.0 rupees a kg, up 0.2%

 

* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 218.20-222.50 rupees a kg

 –Copper seen at 762.0-778.0 rupees a kg

 –Lead seen at 190.0-194.0 rupees a kg

 –Zinc seen at 285.0–293.50 rupees a kg

 

End

 

US$1 = 81.61 rupees

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

 

Edited by Avishek Dutta

 

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Source: Cogencis

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