India Base Metals
Copper up on positive China economic data
This story was originally published at 18:53 IST on 27 August 2024
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By Sandeep Sinha
MUMBAI – Futures contract of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange today because of better-than-expected economic data from China, the biggest consumer of base metals. Rising demand for the red metal and fall in stocks at Shanghai Futures Exchange-accredited warehouses also improved investor sentiment for copper.
COPPER stocks at Shanghai Futures Exchange accredited-warehouses fell 2,751 tn to 140,614 tn today, according to exchange data.
China's Jan-Jul industrial profits rose 3.6% on year led by high-tech manufacturing, data release by the country's National Bureau of Statistics earlier in the day showed.
Investors will take cues from US Conference Board consumer confidence, due later in the day. They are also waiting for US Core Personal Consumption Expenditures Price Index, the preferred inflation gauge of the US Federal Reserve. The data is due on Friday.
ALUMINIUM prices rose because of short-covering of positions by traders in the domestic exchange.
LEAD contracts traded higher as market participants rolled over their long positions on the MCX.
ZINC contracts traded higher taking cues from LME due to a fall in exchange stocks by 250 tn.
At 1650 IST, on the MCX, the August futures contract of:
–Aluminium was at 231.0 rupees a kg, up 0.7%
–Copper was at 806.75 rupees a kg, up 0.8%
–Lead was at 186.15 rupees a kg, up 0.8%
–Zinc was at 270.0 rupees a kg, up 0.3%
Outlook for the evening session on the MCX:
–Aluminium contract seen at 228.00-235.00 rupees
–Copper seen at 795.00-808.00 rupees
–Lead seen at 182.00-189.00 rupees
–Zinc seen at 267.00-272.0 rupees
End
US$1 = 83.93 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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