India Base Metals
Copper down on easing concerns about potential US tariffs
This story was originally published at 20:08 IST on 17 February 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of copper traded in the red on the Multi Commodity Exchange of India and the London Metal Exchange as concerns about possible US tariffs on copper imports subsided, analysts said. Market sentiment was further hurt by a rise in copper inventories at warehouses monitored by the Shanghai Futures Exchange.
LME Copper futures fell for the second successive session to trade near $9,400 on Monday, primarily driven by easing concerns about potential US tariffs on copper imports, Kotak Securities said in a report. "... tariffs on copper might be implemented later than the recently announced tariffs on aluminium and steel, alleviating immediate market anxieties," it said.
COPPER stocks at Shanghai Futures Exchange accredited warehouses rose by 45,464 tonnes on week to 230,281 tonnes in the week ended Friday. However, further losses in copper prices were limited by a weaker dollar and signs of improving demand in top consumer China.
At 1946 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.2% at 106.80. A weaker greenback makes dollar-denominated commodities, such as copper, cheaper for buyers holding other currencies, aiding demand. The data released by China's National Bureau of Statistics showed the country's retail sales rose 3.7% on year in December and industrial production surged 6.2% on year during the month.
Prices of ZINC and LEAD rose, taking cues from the LME because of a weakness in the dollar and a fall in stocks at warehouses registered with the LME. Zinc inventories fell by 1,625 tonnes to 161,025 tonnes and lead stocks fell by 1,550 tonnes to 222,425 tonnes.
At 1950 IST, on the MCX, the February futures contract of:
–ALUMINIUM was at INR 257.50 a kg, down 0.2%
–Copper was at INR 864.00 a kg, down 0.1%
–Lead was at INR 180.05 a kg, up 0.5%
–Zinc was at INR 267.50 a kg, up 0.4%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 253.80-261.70
-Copper contract seen at INR 849.50-880.00
-Lead contract seen at INR 178.40-182.20
-Zinc contract seen at INR 262.10-272.30
End
US$1 = INR 86.88
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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