Informist, Monday, Jan 2, 2023
By Sandeep Sinha
MUMBAI – Future contracts of all base metals on the Multi Commodity Exchange of India traded in the green amid a lack of fresh triggers in the international markets.
* Trading volume is thin today as the US market and LME are shut today for New Year holiday.
* Investors will take cues from US non-farm payrolls and ISM manufacturing purchasing managers’ index data to be released later this week.
* ALUMINIUM prices rose as traders increased their long positions in the January contract by 97 lots on MCX. A decline of 16,300 tn in stocks at LME-approved warehouses at 450,300 tn on a weekly basis, also supported the prices.
* COPPER prices gained on short-covering of positions by market players on the domestic bourse. The positive sentiment was also supported by speculators raising their net long positions in COMEX copper by 605 lots to 14,994 lots as of Tuesday, according to Commodity Futures Trading Commission data.
* At 1755 IST, on the MCX, the January futures contract of:
–Aluminium was at 209.15 rupees a kg, up 0.3%
–Copper was at 720.90 rupees a kg, up 0.3%
–LEAD was at 189.0 rupees a kg, up 0.1%
–ZINC was at 270.0 rupees a kg, up 0.8%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 207.0-213.0 rupees a kg
–Copper seen at 712.0-728.0 rupees a kg
–Lead seen at 186.0-191.80 rupees a kg
–Zinc seen at 266.0–271.0 rupees a kg
End
US$1 = 82.74 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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