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Informist, Monday, May 26, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of aluminium and lead fell on the Multi Commodity Exchange of India Monday because of a rise in the rupee against the dollar. Trading volumes were lower than usual as the London Metal Exchange was shut Monday on account of Spring Bank Holiday.

The rupee settled 0.2% higher against the dollar on Monday due to inflows from foreign portfolio investors. When the rupee appreciates against the dollar, prices of dollar-denominated commodities like base metals fall.

However, the losses were restricted due to a fall in inventories at warehouses registered with the Shanghai Futures Exchange. COPPER inventories fell by 9,471 tonnes on week to 98,671 tonnes in the week ended Friday and ALUMINIUM stocks fell by 14,791 tonnes to 141,289 tonnes. ZINC inventories fell by 2,278 tonnes on week to 44,073 tonnes in the week ended Friday and LEAD stocks fell by 7,044 tonnes to 48,428 tonnes.

Meanwhile, US President Donald Trump extended the deadline for imposing 50% tariffs on imports from the European Union till Jul. 9. On Friday, Trump took to the social media platform Truth Social and threatened the Eurozone with a 50% import tariff and expressed his concerns on the slowdown in trade talks with the region.

Copper and zinc contracts were steady on the MCX. Market participants are waiting for the minutes of the Federal Open Market Committee's May meeting on Wednesday.

At 1752 IST, on the MCX, the May futures contract of:

–Aluminium was at INR 234.95 a kg, down 0.3%

–Copper was steady at INR 860.00 a kg

–Lead was at INR 176.25 a kg, down 0.3% 

–Zinc was steady at INR 257.90 a kg 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 231.20-INR 240.70

--Copper contract seen at INR 846.40-INR 871.70

--Lead contract seen at INR 174.30-INR 178.10

--Zinc contract seen at INR 253.10-INR 262.90

End

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

Edited by Akul Nishant Akhoury

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