India Base Metals
Most down; lead falls on surge in LME inventories
This story was originally published at 19:18 IST on 22 May 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of lead fell for the second successive session Thursday on the Multi Commodity Exchange of India, tracking a fall on the London Metal Exchange because of a second day of surge in inventories at warehouses registered with the LME.
LEAD inventories at LME-accredited warehouses rose 13,700 tonnes to 295,825 tonnes. Stocks have surged over 20% since Tuesday.
COPPER contracts edged lower on the MCX and the LME because of a firmer dollar and concerns about supply. "LME base metals trade lower, with copper falling over 0.7% to $9,463 per tonne, pressured by rising supply concerns and weak investor sentiment," Kotak Securities said in a report. "While the US dollar (index) remaining under 100 amid fiscal uncertainty and fears surrounding proposed tax legislation that could widen the US deficit coupled with the recent ratings downgrade added to the negative sentiment," the broking firm said.
Moreover, mixed economic data from China also weighed on sentiment. China's April industrial production rose 6.1% on year, beating market expectations, but growth in retail sales slowed to 5.1% in April and fixed-asset investment growth eased to 4% for Jan–Apr.
Market participants were waiting for the US flash manufacturing Purchasing Managers' Index due later in the day for further cues.
At 1651 IST, on the MCX, the May futures contract of:
–ALUMINIUM was at INR 237.30 a kg, down 0.5%
–Copper was at INR 854.10 a kg, down 0.4%
–Lead was at INR 177.20 a kg, down 0.3%
–ZINC was steady at INR 259.50 a kg
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 233.40-INR 243.10
--Copper contract seen at INR 842.90-INR 869.30
--Lead contract seen at INR 175.00-INR 178.80
--Zinc contract seen at INR 254.30-INR 264.50
End
US$1 = INR 86.00
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Nishant Maher
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