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Informist, Monday, Jun. 30, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper and zinc fell on the Multi Commodity Exchange of India and the London Metal Exchange Monday following weak economic data from China. Aluminium and lead contracts traded in the green on the MCX despite negative cues from the LME because of a sharp fall in the rupee against the dollar.

The rupee ended at 85.7550 against the dollar Monday, sharply down from its previous close of 85.4750. When the rupee depreciates against the dollar, prices of these metals adjust in the domestic market as these are priced in rupee terms.

China's official Manufacturing Purchasing Managers' Index rose to 49.7 in June from 49.5 in May, but marked the third straight month of contraction. A reading below 50 indicates a contraction in economic activity while a number above 50 signals an expansion. "The softer decline was underpinned by a jump in output and the first rise in new orders in three months, helped by a US trade deal and stimulus efforts," Kedia Advisory said in a note.

However, the downside in COPPER prices was limited by a fall in inventories at warehouses registered with the London Metal Exchange. Copper stocks fell 19,264 tonnes on week to 81,550 tonnes in the week ended Friday. Copper stocks are depleting globally as traders are moving the metal to the US, ahead of potential tariffs on the metal.

US President Donald Trump had ordered the Commerce Department in February to investigate the threat copper imports pose to national security and suggest ways to mitigate such threat. The mitigation efforts include "potential tariffs, export controls, or incentives to increase domestic production", according to the order.

At 1837 IST, on the MCX, the July futures contract of:

-–ALUMINIUM was at INR 248.60 a kg, up 0.3%

–-Copper was at INR 892.25 a kg, down 0.1%

–-LEAD was at INR 180.85 a kg, up 0.3%

–-ZINC was at INR 259.40 a kg, down 0.2%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 245.30-INR 250.40

--Copper contract seen at INR 880.00-INR 905.20

--Lead contract seen at INR 178.80-INR 181.80

--Zinc contract seen at INR 255.50-INR 263.90

End

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

Edited by Rajeev Pai

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