More Stories

Informist, Wednesday, Apr. 16, 2025

By Sandeep Sinha

MUMBAI – Futures contracts of all the base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange on Wednesday due to concerns about demand as tensions between the US and China escalated. Sentiment for non-ferrous metals was also weighed down by increased risk aversion among market participants and a sharp jump in stocks at LME warehouses.

The US has increased tariffs on imports from China to 245% after Beijing retaliated against reciprocal tariffs imposed by US President Donald Trump to address "unfair trade practices", escalating the trade war between the world's two largest economies.

The United Nations Conference on Trade and Development said Wednesday that the global economy is on a 'recessionary trajectory', as growth could slow down to 2.3%. The UN trade body cites escalating trade tensions, financial volatility, and a surge in uncertainty risk derailing the global outlook.

Stocks of copper at LME warehouses rose by 3,775 tonnes to 216,250 tonnes, lead stocks soared by 17,575 tonnes to 283,125 tonnes, and zinc stocks surged by 78,525 tonnes to 190,550 tonnes as the exchange is the last resort to physical market players to hedge their risks.

However, the fall in industrial metal prices was cushioned by weakness in the dollar, which makes dollar-denominated commodities cheaper for holders of other currencies. At 1930 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.5% at 99.56.

For further cues, investors look forward to a speech by US Federal Reserve Chair Jerome Powell later in the day.

ALUMINIUM prices fell as traders unwound their bullish positions on the domestic exchange.

COPPER prices fell marginally due to concerns about demand and profit-taking by traders on the MCX.

LEAD contracts traded lower tracking other base metals.

ZINC contracts edged lower as market players increased their short positions on the domestic bourse.

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

–Aluminium was at INR 231.20 a kg, down 0.5%

–Copper was at INR 838.80 a kg, down 0.1%

–Lead was at INR 177.35 a kg, down 0.1% 

–Zinc was at INR 247.90 a kg, down 0.9%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 229.30-INR 232.10

--Copper contract seen at INR 830.70-INR 843.70

--Lead contract seen at INR 176.80-INR 178.40

--Zinc contract seen at INR 245.90-INR 249.50

End

US$1 = INR 85.67

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

Edited by Ashish Shirke

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.