Informist, Wednesday, Oct 18, 2023
By Ishan Rathi
MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose today following better-than-expected economic data from top consumer China.
The positive cue in non-ferrous metals was also supported by buying by traders in the physical market.
China’s National Bureau of Statistics data showed that the country’s GDP in Jul-Sep quarter rose 4.9% on year, better than analysts’ expectation of a 4.6% rise. China’s industrial production rose 4.5% on year and retail sales rose 5.5% on year, higher than market’s expectations. The positive data raised hope of higher demand for base metals.
The visit of US President Joe Biden to Israel brought volatility in the market, said Ajay Kedia, managing director of Kedia Advisory.
However, the upside in non-ferrous was limited due to a rise in stocks of aluminium, copper and zinc.
Investors will look forward to speeches by Federal Reserve officials later today for further cues.
ALUMINIUM prices rose because of short-covering by traders on the domestic exchange.
COPPER prices rose after mining giant Glencore announced the closing of Mount Isa mines in Queensland, Australia by Jul-Dec of 2025.
LEAD contracts traded higher because traders trimmed their short positions on the MCX.
ZINC contracts rose due to a sharp fall in stocks by 1,525 tn at LME-accredited warehouses.
* At 1931 IST, on the MCX, the October futures contract of:
–Aluminium was at 202.90 rupees a kg, up 0.4%
–Copper was at 702.45 rupees a kg, up 0.5%
–Lead was at 186.75 rupees a kg, up 0.4%
–Zinc was at 220.25 rupees a kg, up 0.6%
* Outlook for the evening session on the MCX, reports from SMC:
–Aluminium contract seen at 202.10-203.50 rupees
–Copper seen at 698.90-707.10 rupees
–Lead seen at 186.0-187.90 rupees
–Zinc seen at 218.50-221.40 rupees
End
US$1 = 83.26 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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