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Informist, Wednesday, Jun. 25, 2025

By J. Navya Sruthi

MUMBAI – Futures contracts of most base metals were trading in the green Wednesday on the Multi Commodity Exchange, tracking those on the London Metal Exchange. Aluminium, however, declined for the second session due to the de-escalation of tensions in West Asia, analysts said. Copper prices rose due to declining stockpiles. 

COPPER prices were up, tracking those on LME as inventories of the metal remained tight, declining nearly 60% this year, Kotak Securities said in a note. Inventories fell due to high demand amid record shipments to the US and increased exports by Chinese smelters, it said.  

"(Copper) contracts for immediate delivery surged to a premium of $379/t (per tonne) to three-month futures on Monday, although it has since eased to around $150/t," ING analysts said in a note. "This level is substantially higher than the near-zero premiums seen in May 2025 and a contango of approximately $100/t at the start of the year."  

ALUMINIUM prices declined as markets reacted to the ceasefire between Israel and Iran, which eased concerns over supply chain disruptions through the Strait of Hormuz. "This drop in geopolitical risk also weighed on oil prices, reducing cost pressures for aluminium smelters and limiting the metal's upside," Kedia Advisory said in a note. Moreover, aluminium stocks at Japan's three major ports rose 3.3% month-on-month to 331,000 tonnes in May, indicating a build-up in supply, weighing on prices.

Iranian President Masoud Pezeshkian on Tuesday said that if Israel does not violate the ceasefire, his country would also refrain from further attacks. In a post on Truth Social Tuesday, US President Donald Trump said a ceasefire between Israel and Iran was in effect and asked both parties not to violate the agreement. However, within an hour of Israel's Prime Minister Benjamin Netanyahu announcing a ceasefire agreement with Tehran, there were claims of missile attacks from Iran.   

At 1650 IST, on the MCX, the July futures contract of:

-–Aluminium was at INR 247.1 a kg, down 0.2%

–-Copper was at INR 884.65 a kg, up 0.4%

–-LEAD was at INR 181 a kg, up 0.3% 

–-ZINC was at INR 256 a kg, up 0.7%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 245-INR 249 

--Copper contract seen at INR 878-INR 888

--Lead contract seen at INR 179-INR 182 

--Zinc contract seen at INR 253-INR 257

End

US$1 = INR 86.09

Edited by Saji George Titus

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