Informist, Friday, Sep 30, 2022
MUMBAI – All base metals futures rose on the Multi Commodity Exchange of India and the London Metal Exchange today due to improved risk appetite and better-than-expected economic data from China and the UK.
* Restocking of metals by traders ahead of the week-long holiday in China, also lifted the price.
* China's official manufacturing purchasing managers' index came in at 50.1 in September compared with 49.4 in August. A reading above 50 indicates expansion in economic activity, while below signals contraction.
* The UK GDP grew 0.2% in Apr-Jun quarter exceeding analysts' expectations 0.1% decline.
* ALUMINIUM prices gained for the second-day after LME issued a discussion paper banning Russian metal from entering the market. However, the proposal is at discussion stage and no decision has been made yet.
* “Any hopes of a lasting price recovery on the metals markets appear premature,” Commerzbank said in a note.
* COPPER prices gained on an expectation of fresh demand in China as the government pushed for infrastructure projects to revive the economy.
* At 1648 IST, on the MCX, the October futures contract of:
–Aluminium was at 196.20 rupees, up 0.2%
–Copper was at 651.0 rupees a kg, up 0.5%
–LEAD was at 177.0 rupees a kg, up 0.5%
–ZINC was at 272.70 rupees a kg, up 1.1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 193.70-199.0 rupees a kg
–Copper seen at 644.0-657.0 rupees a kg
–Lead seen at 176.0-178.20 rupees a kg
–Zinc seen at 269.0–275.0 rupees a kg
End
US$1 = 81.34 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Arshad Hussain
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.
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Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Friday, Sep 30, 2022
MUMBAI – All base metals futures rose on the Multi Commodity Exchange of India and the London Metal Exchange today due to improved risk appetite and better-than-expected economic data from China and the UK.
* Restocking of metals by traders ahead of the week-long holiday in China, also lifted the price.
* China's official manufacturing purchasing managers' index came in at 50.1 in September compared with 49.4 in August. A reading above 50 indicates expansion in economic activity, while below signals contraction.
* The UK GDP grew 0.2% in Apr-Jun quarter exceeding analysts' expectations 0.1% decline.
* ALUMINIUM prices gained for the second-day after LME issued a discussion paper banning Russian metal from entering the market. However, the proposal is at discussion stage and no decision has been made yet.
* “Any hopes of a lasting price recovery on the metals markets appear premature,” Commerzbank said in a note.
* COPPER prices gained on an expectation of fresh demand in China as the government pushed for infrastructure projects to revive the economy.
* At 1648 IST, on the MCX, the October futures contract of:
–Aluminium was at 196.20 rupees, up 0.2%
–Copper was at 651.0 rupees a kg, up 0.5%
–LEAD was at 177.0 rupees a kg, up 0.5%
–ZINC was at 272.70 rupees a kg, up 1.1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 193.70-199.0 rupees a kg
–Copper seen at 644.0-657.0 rupees a kg
–Lead seen at 176.0-178.20 rupees a kg
–Zinc seen at 269.0–275.0 rupees a kg
End
US$1 = 81.34 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Arshad Hussain
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
