India Base Metals
Most up on improved risk appetite; US CPI data in focus
This story was originally published at 19:01 IST on 12 February 2025
Register to read our real-time news.Informist, Wednesday, Feb. 12, 2025
By Sandeep Sinha
MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange due to improved risk appetite. The positive sentiment was further supported by a fall in stocks of LME-registered warehouses and short covering.
LME aluminium stocks fell by 7,350 tonnes to 566,050 tonnes, copper stocks declined by 1,650 tonnes to 241,650 tonnes, and zinc stocks fell by 2,325 tonnes to 164,625 tonnes. Meanwhile, lead stocks rose by 500 tonnes to 225,425 tonnes.
Investors will take further cues from US Federal Reserve Chair Jerome Powell's testimony and US Consumer Price Index data, to be released later Wednesday.
"Markets continue to digest the announcement of upcoming tariffs on aluminium and steel, which are scheduled to take effect in early March," Daria Efanova, head of research, Sucden Financial said in a note.
ALUMINIUM prices fell marginally as concerns over tariffs by the US were offset by a fall in LME stocks. "Intensified European Union sanctions and US tariff pressures are expected to cause structural adjustments in the global aluminum market," Prathamesh Mallya, deputy vice-president research, non-agro commodities and currency at Angel One Ltd., said.
COPPER prices rose after China tightened norms for building new copper smelters to curb reckless capacity expansion. The fall in LME stocks and traders raising their bullish positions on the domestic exchange also aided the price.
LEAD contracts gained due to short-covering of positions by traders on the domestic bourse.
ZINC contracts traded in the green as recent flooding in Australia forced the shutdown of a crucial rail line and caused damage to Mouth Isa mines.
At 1745 IST, on the MCX, the February futures contract of:
–Aluminium was at INR 257.50 a kg, down 0.1%
–Copper was at INR 857.40 a kg, up 0.4%
–Lead was at INR 178.50 a kg, up 0.1%
–Zinc was at INR 268.40 a kg, up 0.7%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 255.20-259.40
-Copper contract seen at INR 852.20-862.40
-Lead contract seen at INR 177.90-179.90
-Zinc contract seen at INR 266.30-271.20
End
US$1 = INR 86.89
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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