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Informist, Wednesday, Apr. 9, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India despite negative cues from the London Metal Exchange, because of weakness in the rupee against the dollar. Sentiment was also lifted by a fall in LME stocks.

The rupee settled 0.5% lower against the dollar due to firm demand from importers. A weaker domestic currency makes dollar-denominated commodities expensive for domestic buyers.

Stocks of aluminium at LME warehouses declined by 3,025 tonnes to 449,500 tonnes, copper stocks fell by 1,525 tonnes to 211,925 tonnes, stocks of lead fell by 125 tonnes to 235,600 tonnes, and zinc stocks fell by 2,675 tonnes to 123,150 tonnes.

However, the upside in industrial metals was restricted due to the threat of a rising trade war. China Wednesday raised import tariffs on US goods to 84% from 34% earlier, in retaliation to the US levy of 104% tariff on Chinese goods from Wednesday. The European Commission also plans to implement fresh tariffs on US goods beginning Apr. 15.

ALUMINIUM prices fell as traders increased their short positions on the domestic exchange.

COPPER prices rose due to buying by traders in the physical market. Market players covering their short positions on the MCX, also aided prices.

LEAD contracts traded higher as traders raised their long positions on the domestic bourse.

ZINC contracts edged higher because of short-covering by traders on the domestic exchange.

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

–Aluminium was at INR 229.00 a kg, down 1%

–Copper was at INR 804.00 a kg, up 0.8%

–Lead was at INR 176.10 a kg, up 0.4% 

–Zinc was at INR 248.60 a kg, up 1%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 227.40-INR 231.70

--Copper contract seen at INR 795.90-INR 813.60

--Lead contract seen at INR 174.70-INR 176.60

--Zinc contract seen at INR 246.70-INR 250.20

End

US$1 = INR 86.68

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

Edited by Nishant Maher

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