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Informist, Wednesday, Jun. 4, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of base metals rose on the Multi Commodity Exchange of India Wednesday, tracking an increase in contracts on the London Metal Exchange because of a weak dollar. Market sentiment was also lifted by positive economic data from the US.

At 1847 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.3% at 99.00. A weaker dollar makes dollar-denominated commodities such as base metals cheaper for those holding other currencies, aiding demand.

"Gains supported by strong US job openings data, which eased global slowdown fears. However, upside remained limited amid uncertainty over newly doubled US tariffs on steel and aluminium, with Britain the only exception, whose aluminium exports will be taxed at 25% until at least July 9," Kotak Securities said in a report. The US Job Openings and Labour Turnover Survey for April surprised the market as job openings increased 191,000 to 7.39 million. 

COPPER prices rose as companies rushed to get the metal into the US on fears that President Donald Trump will soon impose tariffs on the metal after doubling tariffs on aluminium and steel to 50% from Wednesday. 

"Copper flows into the US ahead of a potential tariff have left other markets tight," Dow Jones quoted RBC Capital Markets analysts as saying in a note. "This has kept the metal up around 10% year-to-date despite trade war headwinds," the analysts added.

Market participants are waiting for the US official non-farm employment data due Friday for further cues.

At 1857 IST, on the MCX, the June futures contract of:

-–Aluminium was at INR 240.50 a kg, up 0.4%

–-Copper was at INR 873.45 aca kg, up 0.2%

–-Lead was at INR 179.20 a kg, up 0.2% 

–-Zinc was at INR 255.45 a kg, up 0.1% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 236.40-INR 245.10

--Copper contract seen at INR 861.10-INR 888.90

--Lead contract seen at INR 177.80-INR 181.00

--Zinc contract seen at INR 252.20-INR 262.20

End

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

Edited by Saji George Titus

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