Informist, Friday, Jun 9, 2023
By Sandeep Sinha
MUMBAI – Prices of COPPER rose on the Multi Commodity Exchange of India and the London Metal Exchange on hopes of improved demand from top consumer China.
The positive sentiment in the red metal was boosted by a decline in on-warrant stocks by 54,075 tn at LME-registered warehouses to 43,575 tn.
Data released by China's National Bureau of Statistics showed the country's CPI rose 0.2% on year in May, which may give the country’s central bank some room to cut its policy rate.
"Though sentiment on the base metals markets has brightened somewhat, it is lacking momentum," Commerzbank said in a note.
For further cues, investors now await the outcome of the Federal Open Market Committee meeting and US CPI data next week.
ALUMINIUM prices fell slightly as traders trimmed long positions on the domestic exchange. However, the downside was restricted by a fall in stocks by 3,825 tn at LME-accredited warehouses.
LEAD contracts were down slightly as traders booked profits on the MCX.
ZINC contracts also fell as traders unwound long positions on the domestic bourse.
* At 1850 IST, on the MCX, the June futures contract of:
–Aluminium was at 205.55 rupees a kg, down 0.1%
–Copper was at 727.10 rupees a kg, up 0.3%
–Lead was at 182.65 rupees a kg, down 0.1%
–Zinc was at 215.45 rupees a kg, down 0.1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 204.60-207.0 rupees
–Copper seen at 719.50-732.50 rupees
–Lead seen at 182.0-183.50 rupees
–Zinc seen at 213.40–218.40 rupees
End
US$1 = 82.46 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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