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Informist, Thursday, May 29, 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 further lifted after the US Court of International Trade determined that President Donald Trump lacks the authority to impose extensive tariffs on the country's trading partners, nullifying the tariffs that had ignited a global trade war and posed risks to the global economy.

At 2040 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.4% at 99.47. A weak dollar makes commodities such as copper, which are priced in the greenback, cheaper for buyers holding other currencies, hence aiding demand.

The US court order suspends Trump's 30% tariff on China, 25% tariff on certain products from Mexico and Canada, and 10% general tariff on the majority of goods coming into the US, CNN reported. Nonetheless, it does not influence the 25% tariff on automobiles, automobile components, steel, or aluminium, which falls under Section 232 of the Trade Expansion Act--a separate statute from the one Trump mentioned for his wider trade measures.

"The uptrend was driven by improved market sentiment after the US Court of International Trade ruled that the bulk of President Trump's global tariffs were unlawful, a decision that lifted the risk appetite. The ruling, which suspended most of the contested duties, eased fears over prolonged trade tensions," Kotak Securities said in a report.

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

At 2051 IST, on the MCX, the June futures contract of:

-–ALUMINIUM was at INR 236.60 a kg, down 0.4%

-–Copper was at INR 863.40 a kg, up 0.1%

–-Lead was at INR 178.25 a kg, up 0.3% 

–-ZINC was steady at INR 255.30 a kg 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 234.40-INR 242.90

--Copper contract seen at INR 854.70-INR 874.90

--Lead contract seen at INR 177.40-INR 180.00

--Zinc contract seen at INR 252.90-INR 261.70

End

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

Edited by Deepshikha Bhardwaj

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