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Informist, Tuesday, Apr. 29, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Tuesday after the US said it will tackle the impact of automobile tariffs by lifting some duties on imports of automobile parts while maintaining the tariffs on cars made abroad. Market sentiment was also lifted by signs of improving demand in China and a fall in inventories at warehouses registered with the Shanghai Futures Exchange.

"While China denied active trade talks with the US, it reaffirmed its 5% growth target and pledged pro-growth policies in Q2, keeping industrial metals on firm footing," Kotak Securities said in a note.

ALUMINIUM inventories fell by 11,871 tonnes on week to 178,597 tonnes in the week ended Friday and COPPER inventories fell by 54,858 tonnes on week to 116,753 tonnes. LEAD stocks declined by 11,406 tonnes to 45,654 tonnes and ZINC inventories fell by 7,207 tonnes on week to 51,378 tonnes.

However, the gains in prices of base metals were capped by a firm dollar. At 1924 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 99.13. A stronger dollar makes commodities such as base metals, which are priced in the greenback, expensive for buyers holding other currencies, hence denting demand.

Market participants await China's official manufacturing Purchasing Managers' Index and the Caixin Manufacturing PMI, both due Wednesday, for further cues. 

At 1926 IST, on the MCX, the May futures contract of:

–Aluminium was at INR 235.90 a kg, up 0.6%

–Copper was at INR 857.00 a kg, up 0.3%

–Lead was at INR 177.90 a kg, up 0.1% 

–Zinc was at INR 251.65 a kg, up 0.4%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 230.60-INR 238.50

--Copper contract seen at INR 831.80-INR 864.00

--Lead contract seen at INR 173.60-INR 179.40

--Zinc contract seen at INR 246.70-INR 257.60

End

US$1 = INR 85.26

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

Edited by Saji George Titus

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