India Base Metals
Copper falls on concern over demand, rising stocks
This story was originally published at 19:54 IST on 19 July 2024
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By Sandeep Sinha
MUMBAI – COPPER futures fell on the Multi Commodity Exchange of India today, tracking a fall on the London Metal Exchange due to concerns about demand from China, the biggest consumer of the metal. Sentiment for the red metal was also hurt by the continued increase in stocks at LME-registered warehouses and a firm dollar.
The copper stock at LME-accredited warehouses rose today by 4,000 tn to 231,425 tn, the highest level since September 2021. The stock has increased for the sixth consecutive day.
Copper has fallen below the crucial 100-day simple and exponential moving average placed at $9,550 per tn. The next major support is placed at the 200-day exponential average of $9,230 per tn, a break of this level will push the price below $9,000 per tn.
At 1755 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.1% at 104.30. A stronger greenback makes dollar-denominated commodities such as copper expensive for holders of other currencies, denting demand.
Investors will take cues from speeches by US Federal Open Market Committee members John Williams and Raphael Bostic later today.
ALUMINIUM prices were flat due to lack of fresh cues.
LEAD contracts traded in the red as traders trimmed their long positions on the domestic exchange.
ZINC contracts underperformed other non-ferrous metals on the downside because of lack of fresh stimulus announcements from China.
* At 1755 IST, on the MCX, the July contract of:
–Aluminium was at 221.80 rupees a kg, unchanged
–Copper was at 821.55 rupees a kg, down 0.8%
–Lead was at 187.60 rupees a kg, down 0.1%
–Zinc was at 261.75 rupees a kg, down 1.6%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 218.50-224.10 rupees
–Copper seen at 815.00-831.80 rupees
–Lead seen at 185.20-189.90 rupees
–Zinc seen at 260.00-269.90 rupees
End
US$1 = 83.66 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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