More Stories

Informist, Friday, Jun. 6, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India fell, tracking a decline in contracts on the London Metal Exchange because of a firm dollar. Market sentiment was also hit as traders remain cautious ahead of the release of US non-farm payrolls data later on Friday.

At 1649 IST, the dollar index, which measures the strength of the greenback against a basket of six major currencies, was up 0.2% at 98.95. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, denting demand.

However, the losses in base metals were limited by a fall in inventories at warehouses registered with the LME. Inventories of COPPER fell by 5,600 tonnes whereas those of ALUMINIUM fell by 2,000 tonnes. LEAD stocks fell 1,375 and ZINC inventories fell 175 tonnes.

Signs of easing trade tensions between China and the US also limited losses. On Thursday, US President Donald Trump spoke to his Chinese counterpart Xi Jinping amid stalled trade negotiations between the two countries, and announced that teams from the both sides would meet soon, leading to hope of breaking the stalemate over tariffs and supply of rare earth minerals. "I just concluded a very good phone call with President Xi of China, discussing some of the intricacies of our recently made, and agreed to, trade deal," Trump said in a post on Truth Social.

"Sentiment was boosted by easing trade tensions. That (call) has generated some hope for lower duties between their economies," Daniel Hynes, senior commodity strategist at ANZ said in a note.

At 1628 IST, on the MCX, the June futures contract of:

-–Aluminium was at INR 237.70 a kg, down 1.1%

–-Copper was at INR 875.85 a kg, down 0.5%

–-Lead was at INR 179.20 a kg, down 0.1% 

–-Zinc was at INR 253.00 a kg, down 0.9% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 236.60-INR 244.10

--Copper contract seen at INR 859.90-INR 893.80

--Lead contract seen at INR 178.30-INR 180.20

--Zinc contract seen at INR 251.90-INR 259.10 

End

US$1 = INR 85.62

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

Edited by Nishant Maher

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.