India Base Metals
All down on firm dollar, concerns about demand from China
This story was originally published at 19:44 IST on 14 November 2024
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By Ashutosh Pati
MUMBAI – Futures contracts of all base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange Thursday as the dollar extended gains for the fifth consecutive day. Concerns about demand in top consumer China also weighed on sentiment.
At 1718 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.4% at 106.89.
"The market also remains concerned that recent stimulus measures in China will do little to improve demand," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. He added that Eagle Metal International, a major importer of copper in China, has warned that the country needs to deploy more economic stimulus if copper demand is to revive.
US CPI inflation rose to 2.6% on an annual basis in October from 2.4% in September, according to the US Bureau of Labor Statistics. For further cues, investors await the US core producer price index and unemployment claims data due later Thursday. They will also look out for China's industrial production and retail sales data due Friday.
COPPER prices fell to a two-month low on MCX Thursday, taking cues from the LME due to a firm dollar and concerns about demand. The likelihood of hefty US tariffs on imports under the Donald Trump-led administration is expected to keep copper prices under pressure, SMC Research said in a report.
At 1718 IST, on the MCX, the November futures contracts of:
-ALUMINIUM was at INR 234.20 per kg, down 0.8%
-Copper was at INR 788.70 per kg, down 1.4%
-LEAD was at INR 177.90 per kg, down 1.4%
-ZINC was at INR 272.65 per kg, down 1.6%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 228.65-239.75
-Copper contract seen at INR 770.00-809.00
-Lead contract seen at INR 176.70-181.30
-Zinc contract seen at INR 266.20-282.20
End
US$1 = INR 84.39
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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