India Base metals
Copper up on fall in stocks, weak dollar
This story was originally published at 19:00 IST on 5 September 2024
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By Ashutosh Pati
MUMBAI – Futures prices of COPPER rose on the Multi Commodity Exchange of India today, tracking gains on the London Metal Exchange, because of the weakness in the dollar ahead of key US economic data. A weaker greenback makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies.
The positive sentiment in the red metal was also lifted by a decline in the stocks at LME-registered warehouses by 1,475 tn to 317,175 tn.
At 1705 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was 101.13, down 0.1%. Investors are now waiting for the US initial jobless claims data and the Institute for Supply Management services purchasing managers' index to be released today.
ZINC prices fell as Chinese steel mills are struggling with weak demand, soft prices, and declining profits, said Kotak Securities in a note. Zinc prices take cues from the prices of steel as the metal is used for galvanisation.
At 1740 IST, on the MCX, the September contract of :
- ALUMINIUM was at 219.85 rupees per kg, down 0.2%
- Copper was at 787.45 rupees per kg, up 0.5%
- LEAD was at 182.65 rupees per kg, down 0.4%
- Zinc was at 257.55 rupees per kg, down 1.5%
Trading levels for the day :
- Aluminium contract seen at 216.60-222.50 rupees
- Copper contract seen at 781.10-792.10 rupees
- Lead contract seen at 180.85-184.20 rupees
- Zinc contract seen at 254.00-264.80 rupees
End
US$1 = 83.98 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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