Informist, Wednesday, Jul 6, 2022
By Sandeep Sinha
MUMBAI – Despite weak cues from the London Metal Exchange, most base metals rose higher today on the Multi Commodity Exchange of India due to buying by domestic buyers at the lower level.
Commodities in international market attempted some recovery after Tuesday’s sell-off, however, market confidence remains low amid continuing growth worries and coronavirus concerns relating to China, Kotak Securities said in a note.
* “The market appears to be entirely focused on economic slowdown concerns and its impact on metals demand in the immediate to medium term,” Warren Patterson, the head of commodities strategy at ING Economics.
* Market participants are now looking forward to the minutes of the US Federal Reserve's June meeting, due later today, for further cues on the central bank’s stance on rate hikes.
* ALUMINIUM prices rose due to short-covering by traders on the MCX and a decline in LME stocks.
* ZINC contract gained as smelters resorted to production cuts due to higher energy price.
* At 1617 IST, on the MCX, the July futures contract of:
--Aluminium was at 206.60 rupees, up 0.1%
--COPPER was at 645.05 rupees a kg, down 0.9%
--LEAD was at 175.40 rupees a kg, up 0.7%
--Zinc was at 273.70 rupees a kg, up 0.6%
* Outlook for the evening session on MCX:
--Aluminium contract seen at 205.0-211.0 rupees a kg
--Copper seen at 638.0-651.0 rupees a kg
--Lead seen at 173.0-178.0 rupees a kg
--Zinc seen at 266.0–280.0 rupees a kg
End
US$1 = 79.30 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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