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Informist, Monday, Mar. 17, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals were up on the Multi Commodity Exchange of India, tracking a rise in contracts on the London Metal Exchange because of continued weakness in the dollar. Market sentiment was also boosted by the announcement of new measures by China to boost consumption in the world's second-largest economy.

On Sunday, the Chinese government announced it would take steps to revive consumption by boosting incomes. The plan includes measures to stabilise the stock and real estate markets. China is the top producer and consumer of non-ferrous metals and a rise in consumption in the country could lift the demand for metals.

At 1735 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.2% at 103.52. A weaker dollar makes commodities such as base metals, which are priced in the greenback, cheaper for buyers holding other currencies.

However, persistent trade tensions amid a potential global tariff war capped further gains in the prices of base metals. "... market fears that tit for tat (tariff) approach increased the risk of a broader global trade war, which may have adverse effect on economic growth denting demand for industrial metal," ICICI Direct said in a report.

For further cues, market participants await the US monthly retail sales figures and the Empire State Manufacturing Index, both due later in the day.

COPPER prices rose as the National Copper Corp. of Chile, also known as Codelco, warned of lower production due to maintenance work. Copper stocks at LME-registered warehouses fell by 2,775 tonnes to 230,975 tonnes, supporting prices.

ALUMINIUM prices rose, taking cues from the LME due to a fall in inventories at warehouses registered with the LME. Aluminium inventories fell by 4,525 tonnes to 497,275 tonnes.

ZINC prices rose as Nyrstar, the largest zinc smelter in the world, will cut production by 25% at its Hobart zinc operations in Australia from April.

At 1735 IST, on the MCX, the March futures contract of:

–Aluminium was at INR 265.90 a kg, up 0.5%

–Copper was at INR 901.40 a kg, up 0.2%

–LEAD was at INR 184.25 a kg, up 0.6% 

–Zinc was at INR 281.05 a kg, up 0.2%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 262.10-INR 268.60

-Copper contract seen at INR 887.50-INR 914.10

-Lead contract seen at INR 181.60-INR 185.50

-Zinc contract seen at INR 275.80-INR 285.90

End

US$1 = INR 86.80

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

Edited by Saji George Titus

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