0.7 C
New York
Sunday, February 25, 2024

India Base Metals: MCX copper up tracking LME as China imports rise

Informist, Thursday, Dec 7, 2023

 

By J Navya Sruthi

 

MUMBAI – COPPER futures were in the green on the Multi Commodity Exchange of India today tracking COMEX due to an increase in imports in November by China, the world’s largest consumer, analysts said.

   

China’s copper imports in November rose 10.1% on month to 550,565.6 tn, the highest in almost two years, according to the data released by the General Administration of Customs.

 

Also, a weaker dollar aided sentiment for the metal. A weaker greenback makes dollar-denominated commodities cheaper for those holding other currencies. The dollar index, which measures the strength of the greenback against a basket of major currencies, was down 0.2% at 103.97.  

 

ALUMINIUM prices fell today on MCX, tracking LME as China’s exports in Jan-Nov declined compared to the corresponding period a year ago. 

 

On a year-to-date basis, exports of unwrought aluminium and aluminium products declined 15.3% on year to 5.2 mln tn over the first eleven months of the year, according to a report by ING Economics. This dented sentiments for the metal today. 

 

The latest LME data shows that cancelled warrants for ZINC rose by 18,800 tn for a second consecutive session to 57,175 tn as of Wednesday, the highest since Sep 6, further weighing on prices. 

 

Investors now await the US unemployment claims data due later today, and non-farm payrolls data on Friday. If the data indicates that the economy is under stress, it may prompt the US Federal Reserve not to raise interest rates further, fuelling further speculation about rate cuts in 2024. 

 

At 1840 IST, on the MCX, the December futures contract of:

–Aluminium was at 195.4 rupees a kg, down 0.5%

–Copper was at 711.5 rupees a kg, up 0.4%

LEAD was at 182.23 rupees a kg, down 0.1%

–Zinc was at 218.4 rupees a kg, down 0.2%

 

Outlook for the evening session on the MCX:

–Aluminium contract seen at 195-199.50 rupees

–Copper seen at 702.00-716.00 rupees

–Lead seen at 179.50-185.00 rupees

–Zinc seen at 215.50-222.50 rupees

 

End

 

US$1 = 83.35 rupees

 

Edited by Aditya Sakorkar

 

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.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to [email protected]

 

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

Source: Cogencis

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,268FansLike
12,893FollowersFollow
730FollowersFollow
- Advertisement -

Latest Articles

Popular Articles