Informist, Friday, May 5, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose today because of weakness in the dollar ahead of the US jobs data.
Investors will also look out for the US non-farm payrolls data, which will be released later today, for further direction in non-ferrous metals prices.
The dollar index, which measures the strength of the greenback against a basket of major currencies, was down 0.1% at 101.31. A weaker greenback makes dollar-denominated commodities such as non-ferrous metals cheaper for holders of other currencies.
ALUMINIUM prices rose as traders increased their long positions on the domestic exchange.
COPPER prices gained ahead of the non-farm payrolls data and weakness in the dollar. However, the red metal is on track for a third straight weekly loss because of rising inventories and weak demand.
LEAD contracts rose because of the short-covering of positions by traders on the MCX.
ZINC contracts gained due to a fall in stocks by 125 tn at LME-accredited warehouses and short-covering.
* At 1718 IST, on the MCX, the May futures contract of:
–Aluminium was at 206.90 rupees a kg, up 0.1%
–Copper was at 741.20 rupees a kg, up 0.4%
–Lead was at 183.65 rupees a kg, up 0.2%
–Zinc was at 236.50 rupees a kg, up 0.6%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 204.0-208.50 rupees
–Copper seen at 732.0-749.0 rupees
–Lead seen at 181.0-185.50 rupees
–Zinc seen at 233.0–239.50 rupees
End
US$1 = 81.80 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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. 2023. All rights reserved.
