Informist, Thursday, Mar 2, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange fell because of risk aversion and a firm dollar. A firm greenback makes dollar-denominated commodities such as non-ferrous metals expensive for holders of other currencies.
* Uncertainty around the US Federal Reserve’s rate hikes and concerns about global economic slowdown weighed on non-ferrous metal prices.
* The sentiment towards base metals was dampened by reports of possible sanctions by the US on China if the latter provides military support to Russia for the war in Ukraine, according to a report by Reuters.
* COPPER prices fell due to a rise of 1,025 tn in stocks at LME-registered warehouses, and First Quantum nearing an agreement with the Panama government to restart the Cobre Panama mine, which accounts for 1.5% of global copper output.
* For further cues, investors will watch out for the Caixin China general manufacturing purchasing managers’ index for February, to be released on Friday.
* ALUMINIUM prices fell as traders resorted to profit booking on the domestic bourse.
* ZINC contracts slipped as prices fell below the 20-day simple and exponential moving average on the daily chart.
* At 1750 IST, on the MCX, the February futures contract of:
–Aluminium was at 211.30 rupees a kg, down 0.5%
–Copper was at 765.05 rupees a kg, down 1.4%
–LEAD was at 183.40 rupees a kg, down 0.6%
–Zinc was at 272.20 rupees a kg, down 1.1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 208.50-214.50 rupees a kg
–Copper seen at 758.0-773.0 rupees a kg
–Lead seen at 181.0-186.50 rupees a kg
–Zinc seen at 269.0–276.20 rupees a kg
End
US$1 = 82.59 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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