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Informist, Monday, Jun. 23, 2025

By J. Navya Sruthi

MUMBAI – Futures contracts of most base metals were trading in green and those of copper were steady Monday. Aluminimum and Zinc prices rose due to supply side concern, analysts said. They expect copper and lead prices to move in a narrow range.  

ALUMINIUM prices rose due to supply concern led by the US attacks on Iranian nuclear facilities over the weekend, analysts said. "...US airstrikes on Iranian nuclear facilities raised fears of supply disruptions and soaring energy costs, which make up 40–45% of aluminium production expenses. Market nerves intensified as (US President) Trump warned of further military action unless a peace deal with Israel is reached," Kotak Securities said in a note.

Aluminium prices since last couple of days have been getting a very good support, said Ajay Kedia, director at Kedia Advisory. One should buy aluminium around INR 248 per kg, Kedia said. ZINC prices are cushioned because of supply side concern, he said, adding that "... maybe a drop towards INR 252 (per kg) is going to buy targeting INR 253-INR 256 on higher side."

In contrast, COPPER prices remained largely steady with a negative bias as market sentiment was weighed by reports that Chinese smelters are offering to process copper at record-low treatment fees, reflecting excess smelting capacity and a tightening global ore supply, Kotak Securities said.

"Due to geopolitical tension, (copper) market is trading in a narrow range. Unless and until copper doesn't break INR 888, we expect prices in a very narrow range of INR 874 to INR 885," Kedia said. The West Asia conflict will be a headwind for industrial metal copper, which is viewed as a proxy to global economic growth, Daniel Hynes, a senior commodity strategist at ANZ, said.

At 2013 IST, on the MCX:

-–June Aluminium contract was at INR 248.25 a kg, up 0.7%

–-June Copper contract was steady at INR 880.0 a kg

–-July LEAD contract was at INR 180.8 a kg, up 0.1% 

–-June Zinc contract was at INR 254.7 a kg, up 0.6%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 244-INR 250 

--Copper contract seen at INR 870-INR 886

--Lead contract seen at INR 177-INR 183

--Zinc contract seen at INR 251-INR 256

End

US$1 = INR 86.75

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

Edited by Akul Nishant Akhoury

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