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Informist, Friday, Mar. 7, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of all base metals traded in the red on the Multi Commodity Exchange of India and the London Metal Exchange as investors awaited the release of US non-farm payrolls data, due later Friday. Analysts polled by Dow Jones estimated the payrolls to rise to 170,000 in February from 143,000 in January. 

Traders resorted to booking profit after gains in the last couple of trading sessions. Slower-than-expected export growth in China also hurt the sentiment. China's General Administration of Customs data showed that the country's exports grew by 2.3% in the first two months of 2025 to $539.9 billion.

However, continued weakness in the US dollar against a basket of major currencies cushioned the further downside of non-ferrous metals. A weaker greenback makes dollar-denominated industrial metals cheaper for other currency holders.

At 1605 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was down 0.5% at 103.61 ahead of US Federal Chairman Jerome Powell's speech later in the day. They will also take cues from speeches by Federal Open Market Committee members Michelle Bowman and John Williams.

ALUMINIUM prices marginally fell as traders raised their short positions on the MCX.

COPPER prices were down due to profit-taking by traders on the domestic bourse.

LEAD contracts traded in the red because market participants trimmed their bullish positions on the domestic exchange.

ZINC contracts traded lower as traders booked profit at higher levels.

At 1605 IST, on the MCX, the March futures contract of:

–Aluminium was at INR 264.1 a kg, down 0.1%

–Copper was at INR 887.05 a kg, down 0.4%

–Lead was at INR 180.50 a kg, down 0.6% 

–Zinc was at INR 274.40 a kg, down 0.5%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 262.78-266.27

-Copper contract seen at INR 883.60-895.80

-Lead contract seen at INR 179.0-181.55

-Zinc contract seen at INR 271.0-277.25

End

US$1 = INR 86.87

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

Edited by Akul Nishant Akhoury

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