Informist, Friday, Sep 22, 2023
By Sandeep Sinha
MUMBAI – Prices of ZINC rose on the Multi Commodity Exchange of India today, taking cues from the London Metal Exchange, due to a persistent fall in inventory at LME-approved warehouses and buying by commodity trading advisers.
Zinc inventory at LME-registered warehouses saw an outflow of 2,650 tn today. The stock has fallen over 14%, or 17,225 tn in the last one week.
However, further upside was capped by strength in the dollar, which makes dollar-denominated commodities such as non-ferrous metals expensive for holders of other currencies.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.1% at 105.49.
The firm US dollar is one factor weighing on base metal prices as it reflects the view that the Fed will probably keep its key rate high for some time yet, Commerzbank Research said in a note.
ALUMINIUM prices rose due to a fall in stocks by 1,250 tn at LME-accredited warehouses.
COPPER prices fell due to a firm dollar and rising stocks at LME-registered warehouses.
LEAD contracts were flat due to a lack of fresh triggers.
* At 1840 IST, on the MCX, the September futures contract of:
–Aluminium was at 203.35 rupees a kg, up 0.2%
–Copper was at 716.50 rupees a kg, down 0.4%
–Lead was at 187.2 rupees a kg, unchanged
–Zinc was at 224.30 rupees a kg, up 0.7%
* Outlook for the evening session on the MCX:
–Aluminium contract seen at 201.0-207.50 rupees
–Copper seen at 714.0-726.0 rupees
–Lead seen at 185.50-189.0 rupees
–Zinc seen at 222.0–228.50 rupees
End
US$1 = 82.93 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
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