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Informist, Friday, Sep 6, 2024

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals rose today on the Multi Commodity Exchange of India and the London Metal Exchange because of the weakness in the dollar ahead of the US non-farm payrolls data, due later today. Analysts polled by Dow Jones had estimated the payrolls to come in at 161,000 in August against 114,000 in July.

At 1630 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was 101.00, down 0.1%. A weaker greenback makes dollar-denominated commodities, such as aluminium and zinc, cheaper for holders of other currencies. 

"Although the US employment report seems to be dominating the market at the moment, the Chinese data to be released over the next two weeks is likely to be much more decisive for base metals," Commerzbank said in a report.

ALUMINIUM prices rose, taking cues from LME, due to a fall in stocks by 3,500 tn on exchange warehouses. Traders increasing their long positions on the domestic exchange also aided the sentiment.
 

COPPER prices rose because of a weaker dollar and buying by industrial users.

LEAD prices were flat due to a lack of fresh cues.

ZINC contracts outperformed other base metals as traders trimmed their short positions on the MCX.

At 1707 IST, on the MCX, the September contract of :

- Aluminium was at 220.45 rupees per kg, up 0.2%

- Copper was at 794.2 rupees per kg, up 0.3%

- Lead was flat at 182 rupees per kg

- Zinc was at 258.55 rupees per kg, up 0.6% 

Trading levels for the day : 

- Aluminium contract seen at 218-222 rupees

- Copper contract seen at 786-799 rupees

- Lead contract seen at 181-184 rupees

- Zinc contract seen at 255-262 rupees

End

US$1 = 83.95 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Deepshikha Bhardwaj

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