Informist, Friday, Mar 11, 2022
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals fell today on the Multi Commodity Exchange of India, taking cues from the London Metal Exchange, because of profit booking, strength in the dollar, and rise in domestic equities.
* Most base metals pared gains and turned negative after a Reuters report said Russian President Vladimir Putin had told Belarusian President Alexander Lukashenko at a meeting in Moscow today that “there are certain positive shifts in Russian-Ukraine negotiations taking place almost daily”.
* US Labour Department data showed consumer price index rose 0.8% in February and 7.9% in the past 12 months, the highest increase since January 1982. Investors will keep an eye on UK GDP and US Michigan inflation data expected later in the day.
* Weakness in the rupee against the US dollar, which makes dollar-denominated commodities such as base metals expensive for domestic consumers, also weighed on the market sentiment.
* “Commodities may remain choppy as market players assess various issues. However, with no signs of resolution between Russia and Ukraine, supply risks may persist and may keep prices supported,” Kotak Securities said in a note.
* ALUMINIUM slipped on profit booking, but the downside was supported by a decline in LME inventory.
* NICKEL prices fell on MCX as traders continued to unwind their long positions. Trading on LME remains suspended as the criteria needed to resume trade was not met.
* At 1810 IST, on the MCX, the March futures contract of
–Aluminium was at 279.55 rupees, down 0.1%
—COPPER was at 808.60 rupees a kg, up 0.2%
—LEAD was at 185.25 rupees a kg, down 0.2%
–Nickel was at 2,790 rupees a kg, down 4.5%
—ZINC was at 317.50 rupees a kg, down 0.3%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 274.0-296.0 rupees per kg
–Copper seen at 804.0-824.0 rupees per kg
–Lead seen at 183.0-188.20 rupees per kg
–Nickel seen at 2,400-3,220 rupees per kg
–Zinc seen at 313.20–326.5 rupees per kg
End
US$1 = 76.59 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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