India Base Metals
Most dn on thin holiday trade; fall in stocks limits loss
This story was originally published at 20:42 IST on 27 December 2024
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By Ashutosh Pati
MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange Friday amid thin holiday trading. However, the sharp downside in non-ferrous metals was restricted by weakness in the dollar and a fall in inventories at LME-accredited and Shanghai Futures Exchange-monitored warehouses.
Trade volumes are low as market participants locked profits, stayed on the sidelines, and avoided taking major fresh positions ahead of the New Year holidays. Investors await China's Manufacturing Purchasing Managers' Index due Tuesday for further cues.
At 2020 IST, the Dollar Index, which measures the strength of the greenback against a basket of six major currencies, was down 0.1% at 107.98. A weaker dollar makes commodities such as base metals, which are priced in the greenback, cheaper for buyers holding other currencies, aiding demand.
ALUMINIUM stocks at LME-accredited warehouses fell by 4,500 tonnes to 652,650 tonnes and LEAD stocks fell by 1,350 tonnes to 247,900 tonnes. ZINC inventories slipped 4,450 tonnes to 244,500 tonnes, while COPPER stocks remained steady at 272,725 tonnes.
Similarly, aluminium inventories at Shanghai Futures Exchange-monitored warehouses fell by 11,113 tonnes on week to 201,185 tonnes. Zinc stocks fell by 9,901 tonnes to 30,236 tonnes. Lead inventories fell slightly by 214 tonnes on week to 51,821 tonnes, while copper stocks rose by 3,308 tonnes to 74,172 tonnes.
Copper contracts were steady because of the lack of fresh cues.
At 2025 IST, on the MCX, the January futures contract of:
–Aluminium was at INR 241.00 a kg, down 0.2%
–Copper was steady at INR 808.00 a kg
–Lead was at INR 177.90 a kg, down 0.4%
–Zinc was at INR 282.45 a kg, down 0.3%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 238.15-INR 244.65
-Copper contract seen at INR 799.00-INR 820.00
-Lead contract seen at INR 175.30-INR 179.30
-Zinc contract seen at INR 278.50-INR 286.60
End
US$1 = INR 85.53
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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