MCX Copper Up, Aluminium Falls as China’s Trade Data Influences Metal Prices

MCX Copper Up, Aluminium Falls as China’s Trade Data Influences Metal Prices

Copper Futures Rise on MCX

Copper futures on the Multi Commodity Exchange of India (MCX) saw an uptick today, influenced by an increase in China’s copper imports and a weaker dollar. China, the world’s largest copper consumer, reported a 10.1% month-on-month increase in copper imports to 550,565.6 tonnes in November, the highest in nearly two years. The dollar’s decline, measured by a 0.2% drop in the dollar index to 103.97, also supported the positive sentiment for copper.

Aluminium Prices Dip

Conversely, aluminium prices on MCX fell today, tracking the London Metal Exchange (LME) trends, as China’s year-to-date exports of unwrought aluminium and aluminium products decreased by 15.3% to 5.2 million tonnes over the first eleven months of the year.

Zinc Prices Affected by LME Data

The zinc market was also impacted by the latest LME data, showing an increase in cancelled warrants to 57,175 tonnes, the highest since September 6, exerting downward pressure on prices.

Investors Await U.S. Economic Data

Market participants are now focusing on the upcoming U.S. unemployment claims and non-farm payrolls data. These data points are crucial as they might influence the U.S. Federal Reserve’s interest rate decisions and fuel speculations about potential rate cuts in 2024.

MCX Metal Prices at 1840 IST

– Aluminium: 195.4 rupees per kg (USD 2.34/kg), down 0.5%

– Copper: 711.5 rupees per kg (USD 8.54/kg), up 0.4%

– Lead: 182.23 rupees per kg (USD 2.19/kg), down 0.1%

– Zinc: 218.4 rupees per kg (USD 2.62/kg), down 0.2% icon

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