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Informist, Monday, Jun. 9, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Monday because of optimism around the trade talks between the US and China in London, due later in the day. The talks follow a constructive phone call between US President Donald Trump and his Chinese counterpart Xi Jinping, raising hope for a deal amid heightened tariffs.

However, weak economic data from China capped the gains in base metals' prices. "May data revealed disappointing trade figures, with both exports and imports underperforming expectations. "Consumer prices fell for the fourth consecutive month, and producer price deflation deepened, reflecting subdued demand and disinflationary pressures," Kedia Advisory said in a note. China's CPI was down 0.1% on year in May. On a monthly basis, the CPI dipped 0.2% last month, according to the National Bureau of Statistics.

COPPER prices rose, taking cues from the LME as inventories have fallen by another 10,000 tonnes to 132,400 tonnes at LME-accredited warehouses, SP Angel analysts were quoted by Dow Jones as saying in a note. "LME stocks have more than halved in the year to date, as the metal is redirected by traders to the US in anticipation of copper tariffs," the analysts added.

Market participants now await the US CPI for May, due Wednesday, to get more cues about the US economy and the likely pace of an interest rate cut by the US Federal Reserve.

At 1920 IST, on the MCX, the June futures contract of:

-–ALUMINIUM was at INR 239.20 a kg, up 0.6%

–-Copper was at INR 880.85 a kg, up 0.6%

–-LEAD was at INR 179.40 a kg, up 0.1% 

–-ZINC was at INR 251.60 a kg, down 0.6% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 234.70-INR 242.80

--Copper contract seen at INR 864.90-INR 890.20

--Lead contract seen at INR 177.70-INR 180.80

--Zinc contract seen at INR 248.20-INR 257.40

End

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

Edited by Deepshikha Bhardwaj

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