More Stories

Informist, Monday, Apr. 21, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals were up on the Multi Commodity Exchange of India Monday, tracking a rise in contracts on the Shanghai Futures Exchange. A fall in the dollar index to an over-three-year low also lifted market sentiment for metals. Prices of base metals may trade in a tight range Monday as the London Metal Exchange was shut on account of Easter.

At 1832 IST, the Dollar Index, which measures the strength of the greenback against a basket of six major currencies, was down 0.8% at 98.16. A weak dollar makes commodities such as base metals, which are priced in the greenback, cheaper for buyers holding other currencies and aid demand. The plunge in the index came as investor sentiment took a hit after US President Donald Trump showed intention to remove the US Federal Reserve Chair Jerome Powell.

Trump said Thursday that Powell's termination "cannot come fast enough", amid a call to cut interest rates. The odds of a rate cut at the US Federal Open Market Committee's next meeting in May are only around 12%, as per the CME FedWatch tool.

A fall in inventories of all base metals at warehouses registered with the Shanghai Futures Exchange also supported prices. ALUMINIUM inventories fell by 15,159 tonnes to 190,468 tonnes and COPPER inventories fell by 11,330 tonnes to 171,611 tonnes. LEAD stocks declined by 5,586 tonnes to 57,060 tonnes and ZINC inventories fell by 5,272 tonnes to 58,585 tonnes.

"...support came on the back of speculation, that the metal (copper) could be next in line for US tariffs. Meanwhile, Shanghai copper prices also climbed, though gains were tempered by fears of a prolonged trade conflict," Kotak securities said in a note.

For further cues, market participants await the US Richmond Manufacturing Index due Tuesday.

At 1848 IST, on the MCX, the April futures contract of:

-–Aluminium was at INR 230.85 a kg, down 0.1%

–-Copper was at INR 852.95 a kg, up 1%

–-Lead was at INR 177.90 a kg, up 0.5%

–-Zinc was at INR 248.95 a kg, up 0.7%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 225.70-INR 235.00

--Copper contract seen at INR 829.30-INR 872.90

--Lead contract seen at INR 175.70-INR 180.20

--Zinc contract seen at INR 242.70-INR 255.30

End

US$1 = INR 85.13

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

Edited by Deepshikha Bhardwaj

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.