Informist, Tuesday, Sep 26, 2023
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals rose today on the Multi Commodity Exchange of India and the London Metal Exchange ahead of the US Conference Board Consumer Confidence data due later today. The positive cue was aided by month- and quarter-end buying by commodity funds.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was flat at 105.93, after rising for three days.
ALUMINIUM prices rose on improved demand and fall in stocks by 2,250 tn at LME-registered warehouses.
COPPER prices fell on concerns about demand in top consumer China and rising inventory at LME-registered warehouses.
LEAD contracts traded marginally higher tracking positive cues from the Shanghai Futures Exchange. However, the gains were capped by rise in stocks by 525 tn at LME-accredited warehouses.
ZINC contracts were moderately up as traders increased long positions on the domestic exchange and positive cues from the LME.
* At 1740 IST, on the MCX, the October futures contract of:
–Aluminium was at 205.95 rupees a kg, up 0.5%
–Copper was at 713.50 rupees a kg, down 0.1%
–Lead was at 187.85 rupees a kg, up 0.1%
–Zinc was at 225.15 rupees a kg, up 0.2%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 203.0-208.0 rupees
–Copper seen at 706.0-720.0 rupees
–Lead seen at 185.50-190.50 rupees
–Zinc seen at 222.0–227.50 rupees
End
US$1 = 83.23 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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