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Informist, Wednesday, Dec. 4, 2024

By Ashutosh Pati

MUMBAI – Futures contracts of COPPER and LEAD fell on the Multi Commodity Exchange of India, tracking a fall in contracts on the London Metal Exchange because of a firm dollar. Market sentiment was also weighed down because of US president-elect Donald Trump's threat to impose trade tariffs on imports from China, analysts said.

At 1656 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 106.55. A stronger greenback makes dollar-denominated commodities, such as copper and lead, expensive for buyers holding other currencies, denting demand.

Chinese metal importers have stopped buying US copper scrap, Commerzbank AG said in a report. "There are fears that the shipments, which would then arrive in January, could be subject to higher tariffs by the Chinese government in the trade conflict with US President Trump, who takes office in January," the report said.

For further cues, investors will look out for the US Institute for Supply Management's services purchasing managers' index later in the day and a speech by US Federal Reserve Chair Jerome Powell early Thursday. They will also watch out for the US non-farm payrolls data due Friday.

ALUMINIUM prices rose as inventories at warehouses registered with the LME fell by 975 tonnes to 689,725 tonnes.

At 1656 IST, on the MCX, the December futures contract of:

–Aluminium was at INR 244.45 a kg, up 0.3%

–Copper was at INR 821.30 a kg, down 0.2%

–Lead was at INR 181.70 a kg, down 0.3% 

–Zinc was at INR 287.50 a kg, up 0.1%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 240.50-247.70

-Copper contract seen at INR 809.00-834.30

-Lead contract seen at INR 180.40-183.80

-Zinc contract seen at INR 281.90-293.40

End

US$1 = INR 84.74

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

Edited by Ashish Shirke

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