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Informist, Tuesday, Mar. 18, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India, tracking a fall in contracts on the London Metal Exchange as the dollar index strengthened. Market sentiment was subdued as investors were cautious ahead of the US Federal Open Market Committee's policy meeting outcome early Thursday.

At 1741 IST, the Dollar Index, which measures the strength in the greenback against a basket of six major currencies, was up 0.1% at 103.50. A stronger dollar makes commodities such as base metals, which are priced in the greenback, expensive for buyers holding other currencies, denting demand.

Persistent weakness in the Chinese property market also continued to cast a shadow over metals demand, Dow Jones quoted Neil Welsh, head of metals at Britannia Global Markets Ltd., as saying in a note.

However, losses in base metals prices were restricted as the China government Sunday 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.

A fall in inventories of the metals at warehouses registered with the LME also restricted losses. ALUMINIUM inventories fell by 4,025 tonnes to 493,250 tonnes and COPPER inventories fell by 3,275 tonnes to 227,700 tonnes. ZINC stocks fell by 1,350 tonnes to 156,875 tonnes. LEAD inventories, however, rose by 8,275 tonnes to 219,975 tonnes.

At 1752 IST, on the MCX, the March futures contract of:

–Aluminium was at INR 263.60 a kg, down 0.4%

–Copper was at INR 905.45 a kg, down 0.1%

–Lead was at INR 183.35 a kg, up 0.1% 

–Zinc was at INR 276.30 a kg, down 1%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 260.00-INR 266.50

-Copper contract seen at INR 891.00-INR 917.40

-Lead contract seen at INR 180.90-INR 185.00

-Zinc contract seen at INR 270.20-INR 280.80

End

US$1 = INR 86.57

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

Edited by Akul Nishant Akhoury

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