India Base Metals
Most down on firm dollar, China demand concerns
This story was originally published at 19:37 IST on 29 July 2024
Register to read our real-time news.Informist, Monday, Jul 29, 2024
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals fell today on the Multi Commodity Exchange of India and the London Metal Exchange because of a sharp rebound in the dollar, which makes commodities priced in the dollar expensive for holders of other currencies. The sentiment was also hurt by concerns about demand in top consumer China and heavy selling by commodity trading advisers.
At 1755 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was up 0.3% at 104.63.
Investors will take cues from the Bank of Japan and the US Federal Open Market Committee's interest rate decision, US non-farm payrolls, Institute of Supply Management manufacturing activity data, and China manufacturing purchasing managers’ data later this week.
ALUMINIUM prices fell as traders increased their short positions on the domestic exchange. However, further downside was limited due to a fall in stocks by 3,550 tn at LME-reported warehouses.
COPPER prices fell, tracking strength in the dollar and weak demand. Money managers cut their net long in COMEX copper by 22,180 lots to 19,515 lots as of Jul 23, which also weighed on sentiment.
LEAD prices traded higher, taking cues from LME, due to a fall in exchange stocks by 3,225 tn.
ZINC contracts traded lower as market participants increased their short positions on MCX.
At 1825 IST, on the MCX, the August futures contract of:
–Aluminium was at 210.60 rupees a kg, down 0.9%
–Copper was at 789.95 rupees a kg, down 0.8%
–Lead was at 187.50 rupees a kg, up 0.3%
–Zinc was at 251.45 rupees a kg, down 0.3%
Outlook for the evening session on the MCX:
–Aluminium contract seen at 207.50-215.10 rupees
–Copper seen at 784.10-799.10 rupees
–Lead seen at 186.60-188.60 rupees
–Zinc seen at 248.80-254.30 rupees
End
US$1 = 83.73 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
