India Base Metals
Fall on firm dollar, weak Chinese economic data
This story was originally published at 18:58 IST on 30 April 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of all base metals fell on the Multi Commodity Exchange of India Wednesday, tracking a fall in contracts on the London Metal Exchange because of a firm dollar. Market sentiment was also hurt by weak economic data from China.
At 1831 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 99.37. A stronger dollar makes commodities such as base metals, which are priced in the greenback, expensive for buyers holding other currencies, hence denting demand.
China's Purchasing Managers' Index showed that manufacturing activity in the country contracted in April. China's PMI fell to 49.0 in April from 50.5 in March, and was lower than consensus estimates. A reading below 50 indicates a contraction in economic activity.
"Metals are weakening on a stronger US dollar, alongside weak Chinese manufacturing data and persistent macroeconomic uncertainty," Dow Jones quoted Neil Welsh, head of metals at Britannia Global Markets, as saying in a note. "Chinese official manufacturing figures unexpectedly dipped, highlighting the early economic hit from rising trade tensions with the US, and further hitting demand," Welsh added.
Market participants await the US personal consumption expenditures inflation data due later in the day for further cues.
At 1845 IST, on the MCX, the May futures contract of:
–Aluminium was at INR 231.40 a kg, down 2.1%
–Copper was at INR 824.10 a kg, down 3.6%
–Lead was at INR 177.10 a kg, down 0.6%
–Zinc was at INR 248.20 a kg, down 1.2%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 228.60-INR 237.30
--Copper contract seen at INR 813.10-INR 849.90
--Lead contract seen at INR 175.70-INR 178.80
--Zinc contract seen at INR 243.00-INR 253.50
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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