India Base Metals
Most down on rupee appreciation, profit-taking
This story was originally published at 19:30 IST on 24 April 2025
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By Sandeep Sinha
MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India on Thursday, despite positive cues from the London Metal Exchange, because of the appreciation of the rupee against the dollar. Profit-taking by traders, after having risen in the past few sessions, also hurt prices of the industrial metals.
The rupee settled 0.2% higher against the dollar on rising inflows from foreign portfolio investors. A firm domestic currency makes dollar-denominated commodities cheaper for domestic buyers.
COPPER prices fell as the latest data from the International Copper Study Group showed the global refined copper market flipped into a surplus of 150,000 tonnes in February from a deficit of 19,000 tonnes in January. Rising production in China, the top producer of the red metal, and weak demand also weigh on sentiment.
Investors will assess data on US existing home sales, to be released later in the day, for cues on the state of the US economy, which could drive demand for industrial metals.
ALUMINIUM prices fell as traders rolled over their short positions on the domestic exchange.
LEAD contracts edged lower as market participants increased their short positions on the MCX.
ZINC contracts traded higher as market players increased their bullish positions on the domestic bourse.
At 1905 IST, on the MCX, the April futures contract of:
–Aluminium was at INR 233.65 a kg, down 0.4%
–Copper was at INR 850.25 a kg, down 0.3%
–Lead was at INR 175.0 a kg, down 0.4%
–Zinc was at INR 251.65 a kg, up 0.4%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 231.0-INR 236.0
--Copper contract seen at INR 847.0-INR 859.0
--Lead contract seen at INR 173.0-INR 177.0
--Zinc contract seen at INR 248.0-INR 254.0
End
US$1 = INR 85.26
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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