India Base Metals
Most down on weak German economic data; aluminium up
This story was originally published at 19:35 IST on 15 January 2025
Register to read our real-time news.Informist, Wednesday, Jan. 15, 2025
By Ashutosh Pati
MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange Wednesday following disappointing economic data from Germany. Market sentiment was hurt by uncertainties around potential trade tariffs in US president-elect Donald Trump's second term.
Germany's economy contracted by 0.2% over the full year in 2024, in line with the expectations of economists polled by Reuters, marking the country's second consecutive yearly slowdown. Germany is one of the largest consumers of non-ferrous metals and an economic slowdown in the country could hurt demand for the metals.
However, any further downside in COPPER and ZINC prices was restricted by a fall in inventories at LME-accredited warehouses. Copper inventories fell by 1,150 tonnes to 260,750 tonnes and zinc inventories fell by 3,100 tonnes to 206,375 tonnes.
Market participants will monitor the US core retail sales data due Thursday for further cues.
ALUMINIUM prices rose, taking cues from the LME amid the European Union's consideration of import restrictions on Russian aluminium. This move, part of a wider sanctions package against Russia for its invasion of Ukraine, could involve gradual curbs on Russian metals, Kotak Securities said in a note.
LEAD prices fell, taking cues from the LME as inventories at LME-accredited warehouses rose by 18,425 tonnes to 239,000 tonnes.
At 1854 IST, on the MCX, the January futures contract of:
–Aluminium was at INR 247.20 a kg, up 0.1%
–Copper was at INR 826.60 a kg, down 0.4%
–Lead was at INR 176.60 a kg, down 0.6%
–Zinc was at INR 270.55 a kg, down 1.1%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 242.30-249.60
-Copper contract seen at INR 815.40-836.10
-Lead contract seen at INR 174.20-178.60
-Zinc contract seen at INR 265.00-276.30
End
US$1 = INR 86.36
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
