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Informist, Monday, Nov. 25, 2024

By Ashutosh Pati

MUMBAI – Futures contracts of COPPER rose on the Multi Commodity Exchange of India and the London Metal Exchange Monday because of an improved demand outlook, analysts said. The sentiment was lifted by a fall in inventories at warehouses registered with the LME.

Copper stocks at LME-registered warehouses fell by 1,550 tonnes to 270,975 tonnes and inventories at Shanghai Futures Exchange fell by 10,229 tonnes on week to 120,236 tonnes, signalling rising demand.

Meanwhile, copper spot treatment and refining prices in China improved as smelters reduced production, which could support prices, Motilal Oswal Financial Services said in a report.

However, further upside in copper prices was limited by a firm dollar, which makes commodities priced in the greenback expensive for buyers holding other currencies. At 1751 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.1% at 107.07.

For further cues, investors await the minutes of the US Federal Open Market Committee's November meeting and the US core Personal Consumption Expenditure Price Index, both due Wednesday.

ALUMINIUM prices rose, taking cues from the LME as inventories at LME-registered warehouses fell by 2,550 tonnes to 706,000 tonnes.

ZINC prices rose, taking cues from the LME as inventories fell by 3,125 tonnes to 258,200 tonnes. Zinc prices got support from higher steel prices as the metal is used for galvanisation. 

LEAD prices rose as stocks at LME-registered warehouses fell by 475 tonnes to 274,800 tonnes.

At 1751 IST, on the MCX, the December futures contract of:

–Aluminium was at INR 244.70 a kg, up 0.3%

–Copper was at INR 810.40 a kg, up 0.6%

–Lead was at INR 180.50 a kg, up 0.4%

–Zinc was at INR 280.30 a kg, up 0.7%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 242.85-255.15

-Copper contract seen at INR 796.00-822.00

-Lead contract seen at INR 178.40-181.90

-Zinc contract seen at INR 275.60-289.40

End

US$1 = INR 84.29

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

Edited by Deepshikha Bhardwaj

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