Informist, Monday, Sep 18, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals traded mixed today on the Multi Commodity Exchange of India and the London Metal Exchange because of a steady dollar and caution ahead of the US Federal Reserve’s interest rate decision on Wednesday.
The dollar index, which measures the strength in the greenback against a basket of six major currencies, was flat at 105.28.
“Base metals are trading mixed, with copper marginally down, rest trading in green,” Kotak Securities said in a note.
The broking firm said, some of the data released from China recently showed that the economy was showing early signs of pickup amid stimulus measures from Beijing. Chinese Industrial production rose 4.5% on year in August and retail sales jumped 4.6% on year. Improving Chinese sentiment kept metals buoyed, however, investors may remain cautiously optimistic.
ALUMINIUM prices rose because of a fall in stocks by 2,825 tn at LME-registered warehouses.
COPPER prices were a tad lower due to a rise in stocks by 4,200 tn at LME-approved warehouses. The exchange inventory has risen by 172%, or 93,350 tn, from the low of 54,225 tn touched on Jul 13.
LEAD contracts fell due to a sharp rise in stocks by 6,875 tn at LME-accredited warehouses and the liquidation of long positions by traders on LME.
ZINC contracts rose because of firm steel prices and a fall in LME stocks by 3,975 tn. Restocking of metals by traders ahead of the China National Holiday from Sep 29-Oct 6, also lifted the price.
* At 1815 IST, on the MCX, the September futures contract of:
–Aluminium was at 202.65 rupees a kg, up 0.5%
–Copper was at 733.75 rupees a kg, down 0.1%
–Lead was at 189.10 rupees a kg, down 0.3%
–Zinc was at 224.25 rupees a kg, up 0.4%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 200.0-203.50 rupees
–Copper seen at 728.0-742.0 rupees
–Lead seen at 186.0-192.0 rupees
–Zinc seen at 221.50–228.0 rupees
End
US$1 = 83.26 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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