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Informist, Monday, Apr. 7, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose due to short-covering after a sharp sell-off on Friday. The positive sentiment was further supported by a fall in stocks of LME-registered warehouses.

LME stocks of aluminium fell by 2,050 tonnes to 454,700 tonnes, copper stocks declined by 575 tonnes to 210,225 tonnes, and zinc stocks fell by 1,950 tonnes to 128,325 tonnes. Meanwhile, lead stocks rose by 600 tonnes to 225,425 tonnes.

However, further upside was restricted due to a firm dollar, making commodities such as base metals priced in the greenback expensive for holders of other currencies. At 1925 IST, the Dollar Index which measures the strength of the greenback against a basket of major currencies, was up 0.4% at 103.05 on safe-haven demand.

Investors will take further cues from the US Federal Open Market Committee's March meeting minutes, to be released later in the week.

ALUMINIUM prices rose because of short-covering of positions by traders on the domestic exchange.

COPPER prices gained due to short-covering and a technical bounce back from an oversold level.

LEAD contracts gained as traders raised their bullish positions on the MCX.

ZINC contracts traded higher due to short-covering by market participants on the domestic bourse.

At 1943 IST, on the MCX, the April futures contract of:

–Aluminium was at INR 233.50 a kg, up 0.6%

–Copper was at INR 813.10 a kg, up 1.1%

–Lead was at INR 176.30 a kg, up 0.4% 

–Zinc was at INR 254.70 a kg, up 0.8%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 229.60-INR 234.30

--Copper contract seen at INR 794.00-INR 818.70

--Lead contract seen at INR 174.40-INR 178.10

--Zinc contract seen at INR 247.50-INR 257.50

End

US$1 = INR 85.83

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

Edited by Deepshikha Bhardwaj

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