India Base Metals: Most fall on profit booking, US CPI data eyed

Informist, Monday, Aug 8, 2022


By Sandeep Sinha


MUMBAI –  Futures contract of most base metals fell on the Multi Commodity Exchange of India on similar cues from the London Metal Exchange. Profit booking amid increased tensions between the US and China over Taiwan hit contracts on LME


* “Cash selling continues across most of the metals – – suggestive of floating material which is unwanted by the downstream consumer although in contrast the LME on warrant stocks combined with Shanghai weekly deliverable levels showing the majority of metals have been seeing official inventory declines,” Al Munro at broker Marex said in a note.


* “Commodities may remain volatile as market players assess Federal Reserve’s stance, China’s economic health and geopolitical situation,” Kotak Securities said in a note. Increased expectations of Fed’s rate hike may however keep pressure on prices, the brokerage added.


* Market players will await US consumer price index data to be released on Wednesday for further cues.


* LME stocks of ALUMINIUM fell 1,700 tn to 287,425 tn, and those of COPPER down 750 tn to 127,850 tn; ZINC stocks fell 375 tn to 73,550 tn, and those of NICKEL fell 372 tn to 57,252 tn cushioned the sharp downside. LEAD stocks, however, remained unchanged at 38,875 tn.


* Aluminium prices gained as traders increased their long positions on the MCX and a decline in LME inventory.


* Zinc contract fell due to profit booking after a sharp rally in the past few sessions. Traders unwound their long position on the domestic bourse also weighed on prices.  


* At 1728 IST, on the MCX, the August futures contract of:

 –Aluminium was at 212.35 rupees, up 0.4% 

 –Copper was at 655.60 rupees a kg, down 0.1% 

 –Lead was at 182.40 rupees a kg, up 1%

— Nickel was at 1,880 rupees a kg, down 2.8%

 –Zinc was at 305.85 rupees a kg, down 1.3%


* Outlook for the evening session on MCX:

 –Aluminium contract seen at 209.80-214.20 rupees a kg

 –Copper seen at 650.10-662.80 rupees a kg

 –Lead seen at 179.60-183.60 rupees a kg

 –Nickel seen at 1,850.0–1,925.0 rupees a kg

 –Zinc seen at 300.40–313.0 rupees a kg



US$1 = 79.66 rupees

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


Edited by Arshad Hussain


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