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Informist, Tuesday, Jun. 10, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange Tuesday due to weaker-than-expected economic data from China. Market sentiment was also hurt as traders remain cautious amid the ongoing trade talks between China and the US in London.

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. 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 is the top producer and consumer of non-ferrous metals and subdued demand from the country is bearish for prices of metals.

Moreover, preliminary trade data from China's Customs showed imports for unwrought copper fell 2.9% on-month and 16.2% on-year to 427,200 tonnes. Similarly, cumulative imports were down 6.3% on-year, totalling around 2.2 million tonnes in the first five months of the year, analysts at ING said in a report. Copper concentrate imports decreased 18% on month to 2.4 million tonnes in May, despite smelters sustaining output levels.

Market participants are now waiting for the US CPI, due Wednesday, for further cues on interest rate trajectory.

At 1800 IST, on the MCX, the June futures contract of:

-–ALUMINIUM was at INR 239.95 a kg, up 0.1%

–-COPPER was at INR 881.50 a kg, down 0.1%

–-LEAD was at INR 178.65 a kg, down 0.3% 

–-ZINC was at INR 251.55 a kg, down 0.3% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 235.70-INR 243.80

--Copper contract seen at INR 868.30-INR 893.70

--Lead contract seen at INR 177.40-INR 180.40

--Zinc contract seen at INR 248.00-INR 256.80

End

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

Edited by Deepshikha Bhardwaj

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