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Informist, Tuesday, Apr. 8, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of most base metals gained on the Multi Commodity Exchange of India and the London Metal Exchange because of weakness in the dollar. The positive sentiment was supported by a fall in LME stocks, improved risk appetite, and easing fear of a trade war.

Stocks of aluminium at LME warehouses declined by 2,175 tonnes to 452,525 tonnes, stocks of lead fell by 125 tonnes to 235,725 tonnes, and zinc stocks fell by 2,500 tonnes to 125,825 tonnes. On the other hand, copper stocks rose by 3,225 tonnes to 213,450 tonnes.

At 1915 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.5% at 102.99. A weaker greenback makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies.

Non-ferrous metals are seeing bargain buying in the physical market as most of them were in deeply oversold territory. Investors are now looking forward to the release of the minutes of the US Federal Open Market Committee's March meeting on Wednesday and the US consumer price index data on Thursday, for further cues.

ALUMINIUM prices rose as traders increased their long positions on the domestic exchange.

COPPER prices gained as market players continued to cover their short positions on the MCX.

LEAD contracts were marginally higher on improved sentiment and rise in other base metals.

ZINC contracts fell as traders increased their short positions on the domestic bourse.

At 1925 IST, on the MCX, the April futures contract of:

–Aluminium was at INR 234.65 a kg, up 0.2%

–Copper was at INR 811.85 a kg, up 0.8%

–Lead was at INR 175.90 a kg, up 0.1% 

–Zinc was at INR 250.00 a kg, down 1.2%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 232.30-INR 235.50

--Copper contract seen at INR 802.90-INR 820.0

--Lead contract seen at INR 174.90-INR 176.40

--Zinc contract seen at INR 247.10-INR 251.40

End

US$1 = INR 86.26

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

Edited by Nishant Maher

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