Informist, Wednesday, Mar 9, 2022
By Sandeep Sinha
MUMBAI – Most base metals contracts on the Multi Commodity Exchange of India fell tracking cues from the London Metal Exchange, due to profit booking after a sharp rise in the past few sessions on supply-side risks related to Russia.
* Also weighing on the sentiment is the strength in the rupee against the dollar, making imports of these commodities cheaper.
* "We may see some extended losses in base metals, but a sharp decline is unlikely as supply risks are still looming large," Kotak Securities said in a note. "Commodities have rallied sharply in last few days, and we are now seeing some profit taking amid lack of fresh triggers and as market players shift focus to equity markets."
* NICKEL continued its uptrend on MCX on fear of supply disruption and uncertain global scenario due to the Ukraine crisis, while trading on LME remained suspended till Mar 11 after prices surged 100% and breached $100,000 per tn on Tuesday.
* COPPER contracts fell on the domestic bourse as traders increased their short bets.
* At 1730 IST, on the MCX, the March futures contract of
--ALUMINIUM was at 281 rupees, up 0.4%
--Copper was at 825.05 rupees a kg, down 1.8%
--LEAD was at 187.40 rupees a kg, down 0.3%
--Nickel was at 3,400 rupees a kg, up 1.8%
--ZINC was at 322.45 rupees a kg, down 3.2%
* Outlook for the evening session on the MCX:
--Aluminium contract seen at 220.65-290.0 rupees per kg
--Copper seen at 816.0-842.0 rupees per kg
--Lead seen at 183.7-192.5 rupees per kg
--Nickel seen at 3,150-3,700 rupees per kg
--Zinc seen at 315.5–345.5 rupees per kg
End
US$1 = 76.56 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Pranav S. Joshi
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