India Base Metals
All up on positive China econ data; US payrolls data eyed
This story was originally published at 19:53 IST on 31 October 2024
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By Ashutosh Pati
MUMBAI – Futures contracts of all base metals traded in the green on the Multi Commodity Exchange of India tracking the London Metal Exchange Thursday following positive economic data from top consumer China. The positive sentiment was also lifted by a weaker dollar, which makes dollar-denominated commodities such as base metals cheaper for buyers of other currencies.
China's National Bureau of Statistics data early Thursday showed the country's manufacturing Purchasing Managers' Index rose to 50.1 in October from 49.8 in September. A reading above 50 indicates expansion in the economy, while one below 50 shows contraction.
At 1836 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.2% at 103.91. Investors will take further cues from the US October non-farm payrolls data, due for release Friday.
ALUMINIUM prices rose, taking cues from the LME, owing to a fall of 2,500 tonnes in stocks at LME-registered warehouses to 738,700 tonnes. Aluminium prices should also find support as aluminium smelters might curb supply, ANZ Research said in a report.
COPPER prices were a tad higher owing to weakness in the dollar and a decline in LME stocks by 3,925 tonnes.
LEAD prices rose on short-covering of positions by traders on the MCX.
ZINC prices traded marginally higher due to an uptick in steel prices and a weaker dollar. However, the sharp upside was offset by a rise in stocks at LME-accredited warehouses by 5,500 tonnes to 246,725 tonnes.
At 1836 IST, on the MCX, the November futures contracts of:
-Aluminium was at INR 241.65 per kg, up 0.8%
-Copper was at INR 845.00 per kg, up 0.1%
-Lead was at INR 180.70 per kg, up 0.4%
-Zinc was at INR 287.45 per kg, up 0.2%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 236.00-INR 244.00
-Copper contract seen at INR 834.00-INR 855.00
-Lead contract seen at INR 178.05-INR 182.00
-Zinc contract seen at INR 282.00-INR 290.00
End
US$1 = INR 84.08
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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