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Informist, Thursday, Jun. 19, 2025

By Ashutosh Pati

NEW DELHI – Futures contracts of most base metals edged lower on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on the London Metal Exchange because of a firm dollar. Prices were also weighed down by dampened investor sentiment as the conflict between Israel and Iran continued for the seventh day.

At 1655 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.2% at 98.99. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, denting demand.

ALUMINIUM retreated from recent highs amid easing demand optimism and supply concerns linked to bauxite disruptions in Guinea, Kotak Securities said in a report. "COPPER hovered near a one-week low, pressured by a stronger dollar, rising geopolitical tensions between Israel and Iran, and thin holiday trading in the US," as per the report.

However, the fall in copper prices was restricted by declining inventories at warehouses registered with the LME. "Readily available inventories of the metal have dropped by 80% this year, driven in part by a surge in US imports amid concerns of impending tariffs," Daniel Hynes, senior commodity strategist at ANZ, said in a note.

ZINC prices traded in the red while LEAD prices were up on the Multi Commodity Exchange.

Market participants now await the US Flash Manufacturing Purchasing Managers' Index due Monday for further cues.

At 1712 IST, on the MCX, the June futures contract of:

-–Aluminium was at INR 244.30 a kg, down 0.5%

–-Copper was at INR 877.25 a kg, down 0.3%

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

–-Zinc was at INR 252.20 a kg, down 0.3%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 240.30-INR 248.00

--Copper contract seen at INR 868.50-INR 887.70

--Lead contract seen at INR 177.80-INR 180.70

--Zinc contract seen at INR 248.60-INR 256.70

End

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

Edited by Subhojit Sarkar

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