Informist, Friday, Jan 7, 2022
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India rose today because of rupee’s appreciation against the dollar, tight supplies, and firm equity market.
* A strong rupee makes commodities priced in dollars cheaper for domestic buyers.
* Investors will take cues from the US jobs report to get more clarity on the Federal Reserve’s policy action. On Wednesday, minutes of the Federal Open Market Committee’s December meeting hinted at a sooner-than-expected rate hike and faster tapering of asset purchases.
* COPPER contracts were up as output of Chile and Peru, key producers of the metal, fell in November. The unrest in Kazakhstan, which accounts for 3% of global production, supported the red metal.
* LEAD contracts jumped up as market players raised their long positions due to restocking demand from downstream industry for raw materials ahead of the Chinese New Year.
* NICKEL contracts edged higher tracking gains in copper and prospects of higher demand from green energy. Decline in stockpiles at the London Metal Exchange also supported prices.
* At 1800 IST, on the MCX, the January futures contract of
—ALUMINIUM was at 232.50 rupees a kg, up 0.3%
–Copper was at 737.25 rupees a kg, up 0.2%
–Lead was at 186.35 rupees a kg, up 0.3%
–Nickel was at 1,565.00 rupees a kg, up 0.7%
—ZINC was at 290.35 rupees a kg, up 0.3%
* Outlook for the evening session on MCX:
–Aluminium contract seen 229.00-237.50 rupees per kg
–Copper contract seen 728.00-746.00 rupees per kg
–Lead contract seen 183.00-190.00 rupees per kg
–Nickel contract seen 1,530.00-1,586.00 rupees per kg
–Zinc contract seen 287.00–295.00 rupees per kg
US$1 = 74.31 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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