India Base Metals
Most down as rupee appreciates against dollar; zinc unch
This story was originally published at 20:47 IST on 9 May 2025
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By J. Navya Sruthi
MUMBAI – Futures contracts of aluminium, lead, and copper fell while those of zinc were steady on the Multi Commodity Exchange of India Friday. Copper, lead, and aluminium contracts traded in red, despite positive cues from the London Metal Exchange, as rupee appreciated against the dollar.
After falling 1% on Thursday, the rupee ended sharply higher against the dollar supported by dollar sales by exporters and likely intervention by the Reserve Bank of India. The Indian currency settled at 85.37 a dollar Friday, against 85.71 per dollar on Thursday. When rupee appreciates against the dollar, prices of dollar-denominated commodities like base metals fall.
The downside in COPPER and ALUMINIUM prices on MCX was restricted due to a fall in inventories at warehouses registered with the Shanghai Futures Exchange. Copper inventories fell by 8,602 tonnes on week to 80,705 tonnes in the week ended Friday. Aluminium stocks fell by 6,192 tonnes to 169,665 tonnes.
Commerzbank Research said the upside potential for base metal prices is also likely to be exhausted for the time being as long as there is no good news about a rapprochement in the tariff dispute between the US and China.
At 2030 IST, on the MCX, the May futures contract of:
–Aluminium was at INR 232.9 a kg, down 1.4%
–Copper was at INR 852.05 a kg, down 0.5%
–LEAD was at INR 178.1 a kg, down 0.1%
–ZINC was steady at INR 251.05 a kg
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 231.00-INR 237.50
--Copper contract seen at INR 841.00-INR 861.00
--Lead contract seen at INR 176.00-INR 180.00
--Zinc contract seen at INR 247.00-INR 255.00
End
US$1 = INR 85.37
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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