India Base Metals
Zinc falls on rise in LME stocks, rebound in dlr
This story was originally published at 21:08 IST on 6 August 2024
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By Sandeep Sinha
MUMBAI – Futures contracts of ZINC on the Multi Commodity Exchange of India fell today, taking cues from the London Metal Exchange because of a sharp rise in inventory at LME-approved warehouses. A recovery in the dollar, which makes dollar-denominated commodities expensive for buyers holding other currencies, also weighed on the sentiment.
Zinc inventories at LME-registered warehouses saw an inflow of 18,050 tn today. The decline in steel prices also hurt zinc prices as the metal is used for galvanisation.
At 1925 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was up 0.3% at 102.99.
ALUMINIUM prices rose as traders trimmed short positions on the domestic exchange. The sentiment was also lifted by a fall in stocks by 3,575 tn at LME-registered warehouses.
COPPER prices rose as market participants increased their long positions on the MCX.
LEAD contracts traded higher due to short-covering of positions by traders on the domestic bourse.
* At 1940 IST, on the MCX, the August contract of:
–Aluminium was at 212.00 rupees a kg, up 0.6%
–Copper was at 780.45 rupees a kg, up 0.4%
–Lead was at 183.35 rupees a kg, up 1.1%
–Zinc was at 246.85 rupees a kg, down 0.4%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 208.70-215.00 rupees
–Copper seen at 766.50-794.60 rupees
–Lead seen at 180.20-184.90 rupees
–Zinc seen at 242.30-252.60 rupees
End
US$1 = 83.95 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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