Informist, Friday, Sep 30, 2022
MUMBAI – All base metals futures rose on the Multi Commodity Exchange of India and the London Metal Exchange today due to improved risk appetite and better-than-expected economic data from China and the UK.
* Restocking of metals by traders ahead of the week-long holiday in China, also lifted the price.
* China’s official manufacturing purchasing managers’ index came in at 50.1 in September compared with 49.4 in August. A reading above 50 indicates expansion in economic activity, while below signals contraction.
* The UK GDP grew 0.2% in Apr-Jun quarter exceeding analysts’ expectations 0.1% decline.
* ALUMINIUM prices gained for the second-day after LME issued a discussion paper banning Russian metal from entering the market. However, the proposal is at discussion stage and no decision has been made yet.
* “Any hopes of a lasting price recovery on the metals markets appear premature,” Commerzbank said in a note.
* COPPER prices gained on an expectation of fresh demand in China as the government pushed for infrastructure projects to revive the economy.
* At 1648 IST, on the MCX, the October futures contract of:
–Aluminium was at 196.20 rupees, up 0.2%
–Copper was at 651.0 rupees a kg, up 0.5%
–LEAD was at 177.0 rupees a kg, up 0.5%
–ZINC was at 272.70 rupees a kg, up 1.1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 193.70-199.0 rupees a kg
–Copper seen at 644.0-657.0 rupees a kg
–Lead seen at 176.0-178.20 rupees a kg
–Zinc seen at 269.0–275.0 rupees a kg
End
US$1 = 81.34 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Arshad Hussain
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