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Informist, Tuesday, Feb. 11, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange traded in the red Tuesday because of profit-booking after a sharp rise in prices last week, analysts said. Market sentiment was hurt further as US President Donald Trump announced more tariffs, raising concerns about a global trade war.

Trump said the US would impose 25% tariff on all steel and aluminium imports with effect from Mar. 12, and planned to announce reciprocal tariffs on several countries on Tuesday or Wednesday. China's retaliatory tariffs on the US came into effect Monday, escalating the trade war between two of the world's largest economies.

"...base metals are trading lower as the market faces renewed turmoil due to potential US protectionism under President Donald Trump," Kotak Securities said in a report. 

Further downside in base metals prices was limited due to a dip in stocks at LME-accredited warehouses and positive economic data from China. ALUMINIUM inventories fell by 4,500 tonnes to 558,700 tonnes and COPPER inventories fell 2,525 tonnes to 243,300 tonnes. ZINC stocks fell 1,750 tonnes to 166,950 tonnes.

Consumer inflation in China rose for the first time since August on higher spending in the run up to the Lunar New Year. China's consumer price index rose 0.7% on month in January, according to the National Bureau of Statistics. The reading was higher than Reuters' estimate of 0.4%. On a yearly basis, the index was up 0.5% in January, slightly higher than the 0.4% rise forecast by a Reuters poll.

Market participants are waiting for the US consumer price index that will be released on Wednesday for further cues. 

LEAD prices edged lower, taking cues from the LME as inventories at warehouses registered with the exchange rose by 3,550 tonnes to 224,925 tonnes.

At 1750 IST, on the MCX, the February futures contract of:

–Aluminium was at INR 257.65 a kg, down 1%

–Copper was at INR 853.30 a kg, down 1.6%

–Lead was at INR 180.30 a kg, down 0.9% 

–Zinc was at INR 266.10 a kg, down 1.7%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 253.50-262.80

-Copper contract seen at INR 843.70-871.10

-Lead contract seen at INR 175.90-180.60

-Zinc contract seen at INR 260.70-272.50

End

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

Edited by Nishant Maher

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