India Base Metals
All up on China stimulus hope; firm dollar limits gains
This story was originally published at 17:24 IST on 19 November 2024
Register to read our real-time news.Informist, Tuesday, Nov. 19, 2024
By Ashutosh Pati
MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange on hope China will unveil another stimulus to revive its economy, analysts said. However, non-ferrous metals pared gains after Ukraine launched missile strikes in Russia, which pushed the dollar higher.
The Ukrainian Armed Forces conducted a second strike on an ammunition depot in Russia's Bryansk region, causing at least 12 secondary explosions and detonations, according to the General Staff of the Armed Forces of Ukraine, RBC Ukraine reported.
At 1547 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 106.45 on safe-haven demand. A firm dollar makes commodities, such as base metals, priced in the greenback expensive for buyers holding other currencies.
US President-elect Donald Trump pledged to end China's most-favoured-nation trading status and impose tariffs on Chinese imports in excess of 60%, much higher than those imposed during his first term, SMC Research said in a report. For further cues, investors await the US building permits and housing starts data later in the day. They will also watch out for the People's Bank of China one-year and five-year prime rates and US Flash Manufacturing Purchasing Managers' Index and the Flash Services Purchasing Managers' Index later in the week.
ALUMINIUM prices rose due to a fall in stocks at Shanghai Futures Exchange-accredited warehouses by 35,713 tonnes. Traders raising their long positions on the domestic exchange also aided prices.
COPPER prices rose on expectation of fresh demand from China amid growing hope of a fresh stimulus.
At 1522 IST, on the MCX, the November futures contract of:
–Aluminium was at INR 242.30 a kg, up 0.2%
–Copper was at INR 806.35 a kg, up 0.2%
–LEAD was at INR 180.75 a kg, up 0.4%
–ZINC was at INR 279.20 a kg, up 0.6%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 234.15-251.05
-Copper contract seen at INR 791.00-827.00
-Lead contract seen at INR 178.05-182.95
-Zinc contract seen at INR 2270.90-286.90
End
US$1 = INR 84.41
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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