Informist, Friday, Apr 1, 2022
By Sandeep Sinha
MUMBAI – Most base metals futures rose today on the Multi Commodity Exchange of India and the London Metal Exchange on upbeat risk sentiment, tracking a rally in the equity markets, ahead of US non-farm payroll data later today.
* Non-ferrous metals rose as renewed Russia-Ukraine conflict led to concerns about tightness in supply of these commodities.
* A decline in LME stockpiles and expectation of more stimulus measures by China to support its slowing economy further supported sentiment.
* However, the rise was limited by strength in the dollar index against other major currencies. A stronger greenback makes dollar-denominated commodities such as industrial metals expensive for foreign currency holders.
* The rising number of COVID-19 cases in China could also pose a threat to demand from the world’s largest metals’ consumer, while a slowdown in Chinese industrial activity would keep base metals under pressure, said AngelOne in a report.
* ALUMINIUM prices rose on fear of supply tightness and higher production costs resulting from Russia’s invasion of Ukraine.
* ZINC contracts gained on rising natural gas prices in Europe, which might delay smelters’ plan to restart their plants.
* At 1728 IST, on the MCX, the April futures contract of:
–Aluminium was at 284.10 rupees, up 0.8%
—COPPER was at 816.10 rupees a kg, down 0.7%
—LEAD was at 186.90 rupees a kg, up 0.7%
—NICKEL was at 2,410.0 rupees a kg, flat 0.0%
–Zinc was at 351.30 rupees a kg, up 2%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 281.5-290.5 rupees per kg
–Copper seen at 814.0-828.0 rupees per kg
–Lead seen at 185.8-192.80 rupees per kg
–Nickel seen at 2,400.0-2,600.0 rupees per kg
–Zinc seen at 342.5–354.0 rupees per kg
End
US$1 = 75.79 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Source: Cogencis
