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Informist, Wednesday, Jun. 18, 2025

By Ashutosh Pati

NEW DELHI – Futures contracts of copper rose on the Multi Commodity Exchange of India, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. Market sentiment was also lifted by declining copper inventories at LME-accredited warehouses.

At 1639 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.1% at 98.72. A weaker dollar makes dollar-denominated commodities such as copper cheaper for those holding other currencies, giving demand a push.

"Copper buyers are facing a major squeeze on the London Metal Exchange, with the price of spot contracts spiking as traders compete to get hold of the dwindling volume of metal in the exchange's warehousing network," analysts at Nirmal Bang said in a report.

Better-than-expected economic data from top COPPER consumer China also supported prices of the red metal. China's retail sales of consumer goods, a major indicator of the country's consumption strength, expanded 6.4% on year in May, official data showed. Moreover, copper inventories at warehouses monitored by the Shanghai Futures Exchange fell 5,461 tonnes on week to 101,943 tonnes in the week ended Friday.

ALUMINIUM and LEAD contracts were in the red as traders remained cautious ahead of the US Federal Reserve's policy decision later in the day, analysts said. Market participants expect the Fed to leave its benchmark overnight interest rate unchanged in the 4.25-4.50% range, but they will be closely monitoring any forward-looking statements from officials.

At 1648 IST, on the MCX, the June futures contract of:

-–Aluminium was at INR 245.10 a kg, down 0.1%

–-Copper was at INR 881.90 a kg, up 0.2%

–-Lead was at INR 178.40 a kg, down 0.1% 

–-ZINC was steady at INR 252.50 a kg

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 238.30-INR 251.20

--Copper contract seen at INR 870.70-INR 888.40

--Lead contract seen at INR 177.20-INR 180.50

--Zinc contract seen at INR 248.10-INR 256.80

End

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

Edited by Subhojit Sarkar

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