India Base Metals
Most contracts down on MCX amid thin volumes; LME shut
This story was originally published at 15:29 IST on 1 January 2025
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By Sandeep Sinha
MUMBAI – Future contracts of most base metals on the Multi Commodity Exchange of India traded in the red amid a lack of fresh triggers in the international markets. Trading volume was thin as the US market and LME are shut today for the New Year holiday.
"Base metal is expected to trade in a range as the US and Chinese markets are closed today," SMC Global said in a note. Investors will take cues from US non-farm payrolls and the Federal Open Market Committee's December meeting minutes to be released next week.
ALUMINIUM prices fell as traders increased their short positions in the January contract by 7 lots on the MCX.
COPPER prices fell on concerns about the Chinese property market. "Concerns over the Chinese property market, the largest consumer of base metals, weighed on sentiment despite government policy support aimed at stabilising the sector," Kedia Advisory said in a report.
LEAD contracts traded with a negative bias tracking losses in aluminium and copper
ZINC contracts erased earlier losses and turned positive because traders increased their long positions on the domestic exchange.
At 1518 IST, on the MCX, the January futures contract of:
–Aluminium was at INR 241.70 a kg, down 0.1%
–Copper was at INR 791.80 a kg, down 0.2%
–Lead was at INR 177.45 a kg, down 0.2%
–Zinc was at INR 279.80 a kg, up 0.3%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 241.10-242.60
-Copper contract seen at INR 788.30-800.50
-Lead contract seen at INR 177.0-178.20
-Zinc contract seen at INR 276.70-282.40
End
US$1 = INR 85.66
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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