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Informist, Monday, Apr. 28, 2025

By Sandeep Sinha

MUMBAI – Most base metals futures traded lower on the Multi Commodity Exchange of India and the London Metal Exchange because of a risk-off sentiment. The sentiment was also dented by an appreciation of the rupee against the dollar.

China's Foreign Ministry Spokesman Guo Jiakun Monday denied that US President Donald Trump made contact with Chinese President Xi Jinping. The two countries are the world's largest and second-largest economies and the biggest users of non-ferrous metals.

The rupee settled 0.5% higher against the dollar on Monday due to inflows from foreign portfolio investors. A firm domestic currency makes dollar-denominated commodities cheaper for domestic buyers.

For further cues, investors look forward to US GDP and April nonfarm payrolls data later this week for further insight into the health of the US economy, which may influence demand for base metals.

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

COPPER prices marginally fell due to concerns about demand. Market players increased their short positions on the MCX, which also weighed on prices.

LEAD contracts edged higher as market participants increased their long positions on the MCX.

ZINC contracts traded lower as market players increased their short positions on the domestic bourse. Citi Research lowered zinc price forecast for 2025 to $2,630 per tonne from $2,750 a tonne, which also weighed on prices.

At 2010 IST, on the MCX, the May futures contract of:

–Aluminium was at INR 234.85 a kg, down 0.2%

–Copper was at INR 854.50 a kg, down 0.1%

–Lead was at INR 177.95 a kg, up 0.3% 

–Zinc was at INR 250.60 a kg, down 0.5%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 231.90-INR 235.40

--Copper contract seen at INR 845.50-INR 856.70

--Lead contract seen at INR 177.0-INR 178.30

--Zinc contract seen at INR 247.60-INR 251.60

End

US$1 = INR 85.03

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

Edited by Tanima Banerjee

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