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Informist, Monday, May 19, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper and zinc rose on the Multi Commodity Exchange of India, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. Market sentiment was also lifted by a fall in inventories at warehouses registered with the LME.

At 1637 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.7% at 100.10. A weaker dollar makes commodities such as copper and zinc, which are priced in the greenback, cheaper for buyers holding other currencies, hence aiding demand.

COPPER inventories at LME-accredited warehouses fell 5,050 tonnes to 174,325 tonnes and ZINC inventories fell by 3,400 tonnes to 160,800 tonnes. Aluminium stocks fell by 2,000 tonnes to 393,450 tonnes and lead inventories fell 2,500 tonnes to 246,350 tonnes.

However, the gains in copper and zinc prices were capped because of uncertainty around a long-term trade deal between the US and China. US Treasury Secretary Scott Bessent said tariffs will return to a 'reciprocal' level if nations don't reach agreements during the 90-day pause, according to media reports.

ALUMINIUM and LEAD contracts were in the red on the MCX.

At 1708 IST, on the MCX, the May futures contract of:

–Aluminium was at INR 236.65 a kg, down 1.2%

–Copper was at INR 855.70 a kg, up 0.4%

–Lead was at INR 178.25 a kg, down 0.2% 

–Zinc was at INR 257.65 a kg, up 0.4% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 231.30-INR 242.20

--Copper contract seen at INR 840.30-INR 869.30

--Lead contract seen at INR 176.60-INR 180.10

--Zinc contract seen at INR 251.60-INR 263.00

End

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

Edited by Saji George Titus

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