Informist, Monday, Jun 12, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange due to risk-off sentiment ahead of the US consumer price index data scheduled for released on Tuesday and the Federal Open Market Committee meeting outcome on Wednesday.
Traders prefer to sit on cash and are unlikely to take an aggressive position in this data-heavy week. The European Central Bank and Bank of Japan will announce their policy decisions this week. Moreover, People’s Bank of China will announce its medium-term lending facility rate.
However, the downside in non-ferrous metals remained restricted due to a weaker dollar and a fall in stocks of copper, aluminium and zinc.
The dollar index, which measures the strength of the greenback against a basket of major currencies, was down 0.1% at 103.49. A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.
ALUMINIUM prices fell as traders increased their short positions on the domestic bourse.
COPPER prices fell due to weak demand in top consumer China amid US Fed’s interest rate decision later this week.
LEAD contracts were flat due to lack of fresh triggers.
ZINC contracts fell due to profit taking by traders on MCX.
* At 1750 IST, on the MCX, the June futures contract of:
–Aluminium was at 204.40 rupees a kg, down 0.6%
–Copper was at 722.50 rupees a kg, down 0.2%
–Lead was at 182.65 rupees a kg, unch
–Zinc was at 213.55 rupees a kg, down 0.3%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 202.0-207.0 rupees
–Copper seen at 712.0-728.0 rupees
–Lead seen at 181.0-185.0 rupees
–Zinc seen at 209.0–217.0 rupees
End
US$1 = 82.43 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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