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Informist, Wednesday, Nov. 27, 2024

By Ashutosh Pati

MUMBAI – Futures contracts of base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange because of a weak dollar. The positive sentiment was also lifted by a fall in inventories of metals, except zinc, at warehouses registered with the LME.

At 1611 IST, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was down 0.4% at 106.47. A weaker greenback makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies.

Stocks of aluminium in LME-registered warehouses fell by 2,500 tonnes to 700,975 tonnes and copper stocks fell by 450 tonnes to 269,050 tonnes. Lead inventories fell by 1,800 tonnes to 272,375 tonnes while zinc stocks rose by 5,275 tonnes to 260,900 tonnes. 

For further cues, investors await the US Core Personal Consumption Expenditures Price Index due later in the day. They will also watch out for China's manufacturing purchasing managers' index due Saturday.

COPPER prices rose, taking cues from the LME, due to a weaker dollar and improved global risk sentiment, Kedia Advisory said in a note.

ZINC prices rose, taking cues from the LME, due to a weak dollar. Global zinc production fell 1.1% on year in the first nine months of the year, data from the International Lead and Zinc Study Group showed.

LEAD prices rose, tracking gains on the LME as global production fell 1.5% on year in the first nine months of the year.

At 1612 IST, on the MCX, the December futures contract of:

–Aluminium was at INR 242.95 a kg, up 0.5%

–Copper was at INR 809.50 a kg, up 0.7%

–Lead was at INR 180.20 a kg, up 0.4%

–Zinc was at INR 287.75 a kg, up 1.3%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 237.90-247.10

-Copper contract seen at INR 795.00-818.00

-Lead contract seen at INR 178.10-181.50

-Zinc contract seen at INR 280.20-291.20

End

US$1 = INR 84.45

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

Edited by Saji George Titus

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