Informist, Friday, Feb 3, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange fell today due to risk aversion ahead of US non-farm payrolls data. The uncertainty about the pace of recovery in top consumer China after the relaxation of COVID-19-related restrictions also dampened the sentiment.
* The International Monetary Fund today said in a report that China’s economy faces significant economic challenges with contraction in real estate remaining a major headwind, and there is still some uncertainty around the evolution of the virus, which also hurt base metals prices.
* ALUMINIUM prices fell tracking weak LME cues and unwinding of positions by traders on the MCX.
* However, the sharp correction in base metals was restricted due to a decline in stocks of LME-accredited warehouses.
* COPPER prices rose due to weakness in the dollar and a fall in stocks by 2,450 tn at LME-registered warehouses. However, investors remained cautious about weak demand in China, which may limit further upside.
* At 1728 IST, on the MCX, the February futures contract of:
–Aluminium was at 223.9 rupees a kg, down 0.6%
–Copper was at 779.80 rupees a kg, up 0.4%
–LEAD was at 184.70 rupees a kg, down 0.6%
–ZINC was at 291.25 rupees a kg, down 1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 219.25-227.0 rupees a kg
–Copper seen at 774.0-783.20 rupees a kg
–Lead seen at 182.0-189.0 rupees a kg
–Zinc seen at 286.0–294.25 rupees a kg
End
US$1 = 81.82 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.
Informist, Friday, Feb 3, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange fell today due to risk aversion ahead of US non-farm payrolls data. The uncertainty about the pace of recovery in top consumer China after the relaxation of COVID-19-related restrictions also dampened the sentiment.
* The International Monetary Fund today said in a report that China’s economy faces significant economic challenges with contraction in real estate remaining a major headwind, and there is still some uncertainty around the evolution of the virus, which also hurt base metals prices.
* ALUMINIUM prices fell tracking weak LME cues and unwinding of positions by traders on the MCX.
* However, the sharp correction in base metals was restricted due to a decline in stocks of LME-accredited warehouses.
* COPPER prices rose due to weakness in the dollar and a fall in stocks by 2,450 tn at LME-registered warehouses. However, investors remained cautious about weak demand in China, which may limit further upside.
* At 1728 IST, on the MCX, the February futures contract of:
–Aluminium was at 223.9 rupees a kg, down 0.6%
–Copper was at 779.80 rupees a kg, up 0.4%
–LEAD was at 184.70 rupees a kg, down 0.6%
–ZINC was at 291.25 rupees a kg, down 1%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 219.25-227.0 rupees a kg
–Copper seen at 774.0-783.20 rupees a kg
–Lead seen at 182.0-189.0 rupees a kg
–Zinc seen at 286.0–294.25 rupees a kg
End
US$1 = 81.82 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.
