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Our Bureau

Mumbai, Sept. 5 Base metals continued to be in the grips of the bears on Wednesday. Outcome of the US ISM manufacturing data below market expectation proved to be bearish for the metals complex, said Mr Darshan Shah of STCI Commodities.

Weaker data indicates that there will be poor demand for copper from the US, one of the major consumers of the metal.

Copper for November delivery on MCX traded at Rs 300.85, up from the previous day’s close of Rs 295.60 per kg. Zinc for September delivery traded at Rs 123.60 per kg against Rs 121.75 per kg.

Base metals continue to take a cue from the LME warehouse stock inventories, which also came in higher, said Mr Shah.

Further, the market is awaiting any cut in interest rates from the Federal Reserve Board.

The edible oil complex remained stable during trading on Wednesday. Though demand is expected to rise on account of the festive season, sufficient supplies have kept prices near stable, said a trader.

Precious metals gained in the futures market on account of support from crude oil, which was at $75.08 per barrel. There was also some dollar related weakness that helped the precious metals, said a bullion analyst.

December contract of Gold on MCX gained well over Rs 100 and closed at Rs 9,055 per 10 gm. Silver was traded at Rs 17,128 per kg for the December contract.

More Stories on : Metals | Commodity Markets

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