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Informist, Friday, Dec. 6, 2024

By Ashutosh Pati

MUMBAI – Futures contracts of COPPER rose on the Multi Commodity Exchange of India, tracking the rise on the London Metal Exchange on hopes of further stimulus measures from China, analysts said. The sentiment was lifted by a fall in copper inventories at warehouses monitored by the Shanghai Futures Exchange.

Copper is poised for its strongest weekly performance since September as market sentiment improves on expectations of Chinese economic stimulus, Kotak Securities said in a report. Further, record low annual processing fees could hinder production of refined copper, adding upward pressure to prices, the report said.

Copper stocks at Shanghai Futures Exchange-monitored warehouses fell for the seventh week in a row. They fell this week by 11,019 tonnes to 97,756 tonnes. Inventories at LME-accredited warehouses fell by 725 tonnes to 269,800 tonnes.

However, any further upside in copper prices was capped by the firm dollar. At 1538 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.1% at 105.83. A stronger greenback makes dollar-denominated commodities, such as copper, expensive for buyers holding other currencies.

Investors now await the US non-farm payrolls data due later in the day for further cues to the US Federal Reserve's rate-cut trajectory. They will also watch out for China's central economic work conference next week.

ALUMINIUM prices fell, taking cues from the LME, due to a firm dollar. 

ZINC prices fell, tracking losses on the LME because of a firm dollar and a rise in inventories. Zinc stocks at LME-accredited warehouses rose by 1,050 tonnes to 278,850 tonnes.

At 1602 IST, on the MCX, the December futures contract of:

–Aluminium was at INR 244.35 a kg, down 0.7%

–Copper was at INR 826.00 a kg, up 0.7%

–LEAD was at INR 182.20 a kg, down 0.2%

–Zinc was at INR 288.25 a kg, down 0.2%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 243.00-249.00

-Copper contract seen at INR 813.00-836.00

-Lead contract seen at INR 181.30-184.30

-Zinc contract seen at INR 285.40-295.30

End

US$1 = INR 84.69

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

Edited by Rajeev Pai

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