IGI Logo

Below is quote on Base metals update By Mr. Yash Sawant, Research Associate, Angel One Ltd.

Industrial metals under pressure

Industrial metals on the MCX traded lower in todays session in line with the international markets as the outlook for the entire pack remains uncertain reflecting the uncertainties arising from major metal consumer China and bets over a hawkish approach by the US Federal Reserve in the months ahead. 

Expectation of a tighter monetary policy by the US gave strength to the Dollar which pressured the Dollar denominated industrial metals.

Even the factory activities in China in September shrank unexpectedly as high raw material prices and power cuts pressured the manufacturers in the world's largest metal consuming economy.

However, depleting inventories across exchanges limited the losses for base metals.

Above views are of the author and not of the website kindly read disclaimer