Informist, Monday, Jul 4, 2022
By Sayantan Sarkar
MUMBAI – Futures contracts of most base metals fell today on the Multi Commodity Exchange of India due to a rise in rupee against the dollar. A stronger rupee makes commodities priced in the greenback cheaper.
* Fears over recession in major economies around the world also weighed on COPPER prices today.
* "Inflation and factory data fuelled concerns that central bank tightening will send economies into a recession and hurt demand for commodities," Angel One Commodities said in a report.
* Meanwhile, China's policy of zero-tolerance on COVID-19 is likely to hurt demand for base metals such as copper, ALUMINIUM and ZINC as the country accounts for an estimated 20-30% of global demand for these metals.
* In addition, industrial activity in the US slowed more than anticipated in June, which indicated that demand for metals may be lagging in the country.
* At 1805 IST, on the MCX, the July futures contract of:
--Aluminium was at 211.2 rupees, down 0.1%
--Copper was at 676.55 rupees a kg, down 0.4%
--LEAD was at 174.80 rupees a kg, down 0.1%
--ZINC was at 281.40 rupees a kg, up 1.7%
* Outlook for the evening session on MCX:
--Aluminium contract seen at 206.2-214.0 rupees a kg
--Copper seen at 661.0-688.0 rupees a kg
--Lead seen at 170.60-177.20 rupees a kg
--Zinc seen at 272.4–281.9 rupees a kg
End
US$1 = 78.95 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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