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Informist, Friday, Dec. 20, 2024

By Ashutosh Pati        

MUMBAI – Futures contracts of base metals were mixed on the Multi Commodity Exchange of India, with aluminium rising and copper and lead falling on Friday. ALUMINIUM contracts rose, tracking a rise in contracts on the London Metal Exchange because of a weaker dollar. Market sentiment was also boosted by a fall in inventories.

At 1550 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.2% at 108.16. A weaker dollar makes commodities such as base metals, which are priced in the greenback, cheaper for buyers holding other currencies, aiding demand.

Meanwhile, aluminium stocks at Shanghai Futures Exchange monitored warehouses fell by 2,203 tonnes to 81,051 tonnes. At LME-accredited warehouses, aluminium stocks fell by 2,875 tonnes to 662,150 tonnes. 

Prices were also supported by positive US economic data. US GDP rose by 3.1% in the third quarter of the year, according to the US Bureau of Economic Analysis. Investors now await the US core personal consumption expenditures price index data due later in the day for further cues.

COPPER contracts traded in the red as the US Federal Reserve's hawkish outlook on rate cuts in 2025 and demand uncertainties in China weighed on prices, Kedia Advisory said in a note.

ZINC prices were range-bound with a positive bias. Inventories at Shanghai Futures Exchange monitored warehouses fell by 10,529 tonnes to 40,137 tonnes, aiding prices of the metal. Zinc stocks at LME-accredited warehouses fell by 3,400 tonnes to 254,125 tonnes.

At 1546 IST, on the MCX, the December futures contract of:

–Aluminium was at INR 242.2 a kg, up 0.4%

–Copper was at INR 793.8 a kg, down 0.4%

–LEAD was at INR 175.2 a kg, down 0.7%

–Zinc was at steady INR 278.75 a kg

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 239.60-244.90

-Copper contract seen at INR 786.00-809.00

-Lead contract seen at INR 174.50-178.20

-Zinc contract seen at INR 274.95-284.95  End

US$1 = INR 84.98

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

Edited by Saji George Titus

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