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Informist, Wednesday, Mar. 19, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange on Wednesday as supply remains tight in view of declining inventories. Stronger-than-expected economic data from China and plans to revive consumption in the country also lifted sentiment for metals.

COPPER inventories at warehouses registered with the Shanghai Futures Exchange declined 11,904 tonnes on week to 255,472 tonnes in the week ended Friday. Stocks at LME-accredited warehouses fell by 2,525 tonnes to 225,175 tonnes.

Positive economic data from China earlier this week also supported copper prices. China's industrial production rose 5.9% on year in the first two months of 2025 and retail sales rose 4% on year, according to the National Bureau of Statistics. 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 rise in consumption in the country could lift demand for metals.

However, the gains in copper prices were capped due to a strong dollar and concerns about a potential global trade war. At 1708 IST, the Dollar Index, which measures the strength of the greenback against a basket of six major currencies, was up 0.4% at 103.63. A stronger dollar makes commodities such as copper, which are priced in the greenback, expensive for buyers holding other currencies.

Market participants await the US Federal Open Market Committee's policy meeting outcome early Thursday for further cues on the US interest-rate trajectory.

ALUMINIUM prices rose taking cues from the LME as inventories at LME-accredited warehouses fell by 4,125 tonnes to 489,125 tonnes.

LEAD contracts traded in the red taking cues from the LME because of a firm dollar and rise in inventories. Lead stocks at LME-accredited warehouses rose by 9,250 tonnes to 229,225 tonnes.

At 1725 IST, on the MCX, the March futures contract of:

–Aluminium was at INR 263.70 a kg, up 0.2%

–Copper was at INR 908.5 a kg, up 0.2%

–Lead was at INR 183.05 a kg, down 0.3% 

–ZINC was at INR 276.90 a kg, down 0.3%

Trading levels for the day on the MCX:

-Aluminium contract seen at INR 261.00-INR 266.90

-Copper contract seen at INR 897.50-INR 920.60

-Lead contract seen at INR 181.50-INR 185.30

-Zinc contract seen at INR 273.20-INR 283.10

End

US$1 = INR 86.44

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

Edited by Ashish Shirke

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