India Base Metals: Most fall; Nickel down on rise in LME-inventory

Thursday, Jan 23


By Rituparna Ghosh


NEW DELHI – Futures contracts of nickel on the Multi Commodity Exchange and the London Metal Exchange fell today due to a sharp rise in the stockpile of the metal, analysts said. 


Nickel stock at LME-monitored warehouses were at 192,912 tn today as against 187,914 tn on Wednesday, while stockpile at the MCX-accredited warehouse stood flat at 33.43 tn, data showed. 


Prices of lead and zinc also fell today global deficit of both the metals narrowed from the previous-year period. As per data from the International Lead and Zinc Study Group, the global zinc market was at a deficit of 170,000 tn in Jan-Nov as against 448,000 tn in the year-ago period, while the global lead market was at a deficit of 33,000 tn in Jan-Nov as against 82,000 tn in the previous-year period.


Moreover, prices also came under pressure as the study group said it believes that a considerable expansion in global production of lead and zinc will allow the market to switch into surplus—a relatively large one–this year.


"In our view, the prospect of high supply surpluses on both the zinc and lead markets suggests that prices will fall," Commerzbank AG said in a note. 


Copper and aluminium prices were confined to a thin range today as investors avoided taking large bets ahead of the Chinese New Year and on risk aversion due to the spread of coronavirus in China.


According to media reports, 17 people have died and over 600 affected by the virus. China has blocked travelling from and into Wuhan, where the virus is expected to have originated.


Chinese markets will remain closed from Jan 24-30 on account of Chinese New Year. 


At 1710 IST, on MCX, the January futures contract of:

–aluminium was at 141.01 rupees a kg, down 0.1%
–copper was at 449.95 rupees a kg, down 0.2%

–lead was at 151.85 rupees a kg, down 0.2%
–nickel at 1,008.40 rupees a kg, down 0.6%

–zinc at 180.70 rupees a kg, down 0.3%



On MCX, the January copper contract is seen at 448-456 rupees per kg, while the same-month nickel contract is seen at 1,002-1,026 rupees per kg in the evening session. The January contract of zinc is seen at 179-183 rupees per kg, and the same-month aluminium contract is seen at 139.0-143.0 rupees per kg, Angel Broking said in a report.  End


US$1 = 71.27 rupees


IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT


Edited by Mainak Moitra


Cogencis Tel +91 (11) 4220-1000

Send comments to

This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2020. All rights reserved.

Other News

INTERVIEW: IT cos must be embedded with clients, says Tech Mahindra

Thursday, Feb 20 By Nikita Periwal MUMBAI – It's about putting yourself in your customer's shoes. Technology companies need to take their role forward from being process and systems enhancers to those that help improve the way businesses are conducted, says Jagdish Mitra, the chief strategy officer and head of growth at Tech Mahindra Ltd. Digital technology […]

INTERVIEW: ESAF Small Fin Bank MD expects SEBI OK for IPO by mid-Mar

Thursday, Feb 20 –Aim to come out with IPO in FY21–Pre-IPO anchor placement not a certainty–Have to list by Jul 2021 as per RBI norms–To focus on non-micro fin loans going ahead–Aim 60% cost-to-income ratio vs 65% now By Sanjana Raina and T. Bijoy Idicheriah MUMBAI – ESAF Small Finance Bank Managing Director and Chief Executive Officer K. […]

Big Bank Theory: The ‘F’ word makes a comeback in RBI lexicon

Thursday, Feb 20 Forbearance has made an unexpected comeback with concessions for stressed loans to real estate. The Reserve Bank of India may do well to not open this Pandora’s box once again, no matter how noble the intentions may be.  By T. Bijoy Idicheriah When the Feb 12, 2018, framework on stressed asset resolution was released, there […]