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Informist, Wednesday, May 21, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper 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 stimulus measures from top consumer China, according to analysts.

At 1630 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was down 0.5% at 99.55. A weaker dollar makes commodities such as copper, which are priced in the greenback, cheaper for those holding other currencies, aiding demand.

"Copper held firm, supported by a weaker US dollar and renewed stimulus from China, including key rate cuts by the PBoC (People's Bank of China) to bolster factory activity. China's central bank cut key lending rates to record lows and major banks lowered deposit rates, aiming to counter the economic drag from ongoing Sino-US trade tensions," Kotak Securities said in a report.

COPPER inventory at LME-accredited warehouses fell by 1,925 tonnes to 168,825 tonnes, supporting prices.

ZINC contracts rose on the MCX, taking cues from the LME because of a weak dollar.

LEAD contracts traded in the red, taking cues from the LME because of a surge in stocks at LME-accredited warehouses. Lead stocks rose by 36,375 tonnes to 282,125 tonnes.

At 1640 IST, on the MCX, the May futures contract of:

–ALUMINIUM was at INR 238.15 a kg, down 0.6%

–Copper was at INR 859.1 a kg, up 0.1%

–Lead was at INR 178.00 a kg, down 0.1% 

–Zinc was at INR 260.50 a kg, up 0.1% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 232.90-INR 240.60

--Copper contract seen at INR 844.30-INR 864.00

--Lead contract seen at INR 176.10-INR 178.50

--Zinc contract seen at INR 254.40-INR 262.40

End

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

Edited by Akul Nishant Akhoury

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