India Base Metals
All up on China stimulus hopes, weaker dollar
This story was originally published at 17:32 IST on 29 November 2024
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By Sandeep Sinha
MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Friday on hopes of further stimulus from China. The positive sentiment was also lifted by weakness in the dollar and by short-covering.
At 1530 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.2% at 105.96. A weaker dollar makes commodities, such as base metals, priced in the greenback cheaper for buyers holding other currencies.
Volumes are on the lower side as the US market is shut for the Thanksgiving Holiday. Investors now look forward to China’s official Purchasing Managers’ Index to be released on Saturday for further cues.
ALUMINIUM prices rose on short-covering of positions by traders on the domestic market.
COPPER prices gained because of weakness in the dollar. Market participants trimming their short positions on the domestic bourse also aided prices.
LEAD contracts traded in the green as traders covered their short positions on the MCX.
ZINC contracts traded higher because of firm demand in the physical market.
At 1542 IST, on the MCX, the December futures contract of:
–Aluminium was at INR 242.65 a kg, up 0.4%
–Copper was at INR 808.90 a kg, up 0.2%
–Lead was at INR 182.0 a kg, up 0.9%
–Zinc was at INR 284.45 a kg, up 0.6%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 239.15-244.80
-Copper contract seen at INR 803.25-812.90
-Lead contract seen at INR 179.60-183.00
-Zinc contract seen at INR 280.00-290.50
End
US$1 = INR 84.48
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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