Informist, Monday, Feb 28, 2022
By Sayantan Sarkar
MUMBAI – Base metal contracts on Multi Commodity Exchange of India and the London Metal Exchange were higher today as concerns over supply boosted the sentiment in the market.
* The ongoing conflict between Russia and Ukraine escalated further with several western nations imposing sanctions on Moscow. This raised concerns about supply of important base metals from the region.
* On Thursday, ALUMINIUM and NICKEL prices soared to the highest level in many years on the London Metal Exchange and lifetime highs on the MCX because of inventory shortages and strong demand.
* Today, aluminium prices on LME rose to a record high of $3,546 per tn.
* Russia produces around 6% of the world’s aluminium and 7% of its mined nickel.
* “The more sanctions are imposed, the more difficult it will be for Russian producers to sell their material on the global market,” Commerzbank AG said in a report.
* According to data from the World Bureau of Metal Statistics, Russia produced just shy of 4 mln tn of primary aluminium last year, thereby accounting for nearly 6% of global aluminium production.
* At 1705 IST, on the MCX, the March futures contract of
–Aluminium was at 275.15 rupees, up 1.9%
—COPPER was at 772.8 rupees a kg, up 0.8%
—LEAD was at 186.7 rupees a kg, up 0.5%
–Nickel was at 1,884 rupees a kg, up 2.0%
—ZINC was at 303.3 rupees a kg, up 0.8%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 264.00-281.30 rupees per kg
–Copper contract seen at 759.00-776.00 rupees per kg
–Lead contract seen at 182.00-189.50 rupees per kg
–Nickel contract seen at 1,820.00-1,903.00 rupees per kg
–Zinc contract seen at 296.70–304.00 rupees per kg
End
US$1 = 75.34 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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