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Informist, Friday, Jun. 13, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals traded in the red on the Multi Commodity Exchange of India Friday, tracking a fall in contracts on the London Metal Exchange because of a sharp rise in the dollar. Prices were also weighed due to the risk-off sentiment across markets after Israel launched attacks on Iranian nuclear and military facilities, analysts said.

At 1811 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.6% at 98.39. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, denting demand.

Israel launched preemptive strikes against Iran early Friday, targeting Tehran's nuclear facilities. A state of emergency has been declared in Israel, Israeli Defence Minister Israel Katz said. "Following the State of Israel's preemptive strike against Iran, a missile and drone attack against the State of Israel and its civilian population is expected in the immediate future," CNN quoted Katz as saying. Israeli Prime Minister Benjamin Netanyahu confirmed the military operation would continue for a while. "This operation will continue for as many days as it takes to remove this threat," CNN quoted him as saying.

Iran has since retaliated to the airstrikes and launched drone attacks on Israel, according to media reports. "Iran launched approximately 100 Unmanned Aerial Vehicles towards Israeli territory, which we are working to intercept," CNBC quoted Israel Defense Forces spokesperson Effie Defrin as saying.

"LME base metals traded lower, with copper shedding over 1% toward $9,590 per tonne, pressured by rising geopolitical tensions and renewed trade uncertainty. Sentiment soured after Israel's strike on Iran and subsequent retaliation, triggering a broader risk-off mood across markets," Kotak Securities said in a note.

At 1813 IST, on the MCX, the June futures contract of:

-–ALUMINIUM was at INR 240.50 a kg, down 0.9%

–-COPPER was at INR 871.05 a kg, down 0.4%

–-LEAD was at INR 179.10 a kg, down 0.5% 

–-ZINC was at INR 248.50 a kg, down 1.4% 

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 237.40-INR 245.00

--Copper contract seen at INR 858.90-INR 883.50

--Lead contract seen at INR 177.80-INR 180.80

--Zinc contract seen at INR 245.30-INR 254.30

End

US$1 = INR 86.08

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

Edited by Saji George Titus

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