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India Base Metals: Most down on profit-taking, China COVID-19 woes

Informist, Monday, Nov 7, 2022

 

By Sandeep Sinha

 

MUMBAI – After rising sharply on Friday, futures contracts of most base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange today because of profit booking.

 

* Market sentiment was further weighed down by rising cases of COVID-19 in China, which may impact demand for metals from the world's biggest consumer as it enforces a zero-tolerance policy.

 

* "Commodities may trade sideways to lower as markets will remain wary ahead of speeches by several Fed members and inflation figures from China and the US due later this week," Kotak Securities said in a note.

 

COPPER prices fell due to weak demand from China as stringent COVID-19 restrictions have affected manufacturing activity. Traders unwinding their long position on the domestic bourse also weighed on prices.

 

* However, the fall was limited by weakness in the dollar and continued fall in LME stocks. A weaker greenback makes dollar-denominated commodities cheaper for holders of other currencies.

 

ALUMINIUM contracts slipped due to weak cues from LME and profit booking by traders on the MCX.

 

* At 1800 IST, on the MCX, the November futures contract of:

 –Aluminium was at 205.05 rupees a kg, down 0.8% 

 –Copper was at 673.70 rupees a kg, down 1.2% 

 –LEAD was at 179.75 rupees a kg, down 0.1%

 –ZINC was at 265.55 rupees a kg, up 0.1%

 

* Outlook for the evening session on the MCX:

 –Aluminium contract seen at 203.50-207.80 rupees a kg

 –Copper seen at 668.90-679.30 rupees a kg

 –Lead seen at 178.50-181.50 rupees a kg

 –Zinc seen at 261.30–270.10 rupees a kg

End

 

US$1 = 81.92 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Ashish Shirke

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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.

 

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