India Base Metals
All down on firm dollar, weak economic data
This story was originally published at 20:16 IST on 15 April 2025
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By Sandeep Sinha
MUMBAI – Futures contracts of most base metals fell Tuesday on the Multi Commodity Exchange of India and the London Metal Exchange as the dollar recovered. The sentiment was also weighed down by weak economic data from Germany and the eurozone.
At 1920 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was up 0.2% at 99.84 on short-covering. A stronger dollar makes dollar-denominated commodities more expensive for those holding other currencies.
The Centre for European Economic Research Tuesday reported that Germany's economic sentiment indicator came in at minus 14 for April. The economic sentiment index for the eurozone fell by 58.3 points to minus 18.5.
Base metals remain at the mercy of geopolitical developments and trade policy decisions, Motilal Oswal Financial Services said. Market participants will be watching closely for any updates on talks between the US and China, how quickly China rolls out its economic support plans, and how the global economy is able to cope with US President Donald Trump's policies, the brokerage said.
ALUMINIUM prices fell due to the unwinding of long positions by traders on the domestic exchange.
COPPER prices dropped due to a rise in stocks by 4,650 tonnes to 212,475 tonnes. Traders taking out profits on the domestic exchange also hurt prices.
LEAD contracts traded lower tracking the other base metals.
ZINC contracts edged lower because of profit-taking by traders on the MCX.
At 1920 IST, on the MCX, the April futures contract of:
–Aluminium was at INR 232.55 a kg, down 0.8%
–Copper was at INR 838.10 a kg, down 1.1%
–Lead was at INR 178.50 a kg, down 0.1%
–Zinc was at INR 251.85 a kg, down 0.2%
Trading levels for the day on the MCX:
-Aluminium contract seen at INR 228.80-INR 235.30
-Copper contract seen at INR 830.70-INR 848.20
-Lead contract seen at INR 177.70-INR 179.30
-Zinc contract seen at INR 249.10-INR 253.80
End
US$1 = INR 85.77
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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