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Informist, Wednesday, May 28, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India, tracking the rise on the London Metal Exchange because of tightening global inventories. Market sentiment was also lifted by easing trade tensions between the US and the European Union, as US President Donald Trump Monday extended the deadline for imposing 50% tariffs on imports from the European Union till Jul. 9. 

The surplus in the global COPPER market fell to 17,000 tonnes in March from 180,000 tonnes in February, according to the International Copper Study Group. For the first three months of 2025, the surplus had risen slightly on year to 289,000 tonnes.

"The refined copper market surplus narrowed significantly in March, and LME copper inventories dropped to a near-two-year low, signalling tighter supply. However, rising stockpiles in key Chinese hubs like Shanghai and Guangdong tempered optimism," Kotak Securities said in a report. Copper inventories at LME-accredited warehouses fell 7,850 tonnes to 154,300 tonnes.

However, the gain in copper prices was tempered by a firmer dollar, which makes dollar-denominated commodities expensive for holders of other currencies. At 1807 IST, the dollar index, which measures the greenback's strength against a basket of six major currencies, was up 0.2% at 99.74.

ZINC and ALUMINIUM contracts fell on the MCX, taking cues from the LME, where prices fell on a firmer dollar. However, according to the report by Kotak Securities, improved risk sentiment across financial markets helped to limit the downside.

At 1811 IST, on the MCX, the June futures contract of:

-–Aluminium was at INR 238.55 a kg, down 0.1%

-–Copper was at INR 864.65 a kg, up 0.1%

–-LEAD was at INR 178.55 a kg, up 0.2% 

–-Zinc was at INR 256.10 a kg, down 0.3% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 234.90-INR 243.30

--Copper contract seen at INR 856.50-INR 877.50

--Lead contract seen at INR 176.80-INR 179.40

--Zinc contract seen at INR 252.60-INR 261.00

End

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

Edited by Nishant Maher

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