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Informist, Monday, Jul. 7, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper fell on the Multi Commodity Exchange of India Monday, tracking a fall in contracts on the London Metal Exchange because of a firm dollar. Market sentiment was also weighed down due to concerns about renewed trade tensions.

At 1547 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.4% at 97.36. A strong dollar makes dollar-denominated commodities, such as copper, expensive for those holding other currencies, denting demand.

US President Donald Trump late Sunday said he will impose an additional 10% tariff on countries aligning with "anti-American policies", referring to the BRICS group of nations. "There will be no exceptions to this policy," Trump said in a post on social media platform Truth Social.

Copper prices fell Monday, marking a third straight session of declines, as traders reassessed demand outlook for the metal after the fresh trade threats. President Trump's vow to impose an additional 10% tariff on nations supporting BRICS reignited fears of slower global growth, dampening industrial metal sentiment, Kedia Advisory said in a note.

Rise in copper inventories at warehouses monitored by the Shanghai Futures Exchange and LME-accredited warehouses also weighed on prices. COPPER stocks at Shanghai Futures Exchange monitored warehouses rose by 3,039 tonnes on week to 84,589 tonnes in the week ended Friday. "Total copper stockpiles at LME-registered warehouses increased by 5% to 95,275 tonnes on Friday, after rising for four consecutive days," Motilal Oswal Wealth Management said in a report.

At 1603 IST, on the MCX, the July futures contract of:
-–ALUMINIUM was at INR 247.40 a kg, down 0.4%
–-Copper was at INR 890.60 a kg, down 0.2%
–-LEAD was at INR 181.15 a kg, down 0.2%
–-ZINC was at INR 255.00 a kg, down 0.7%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 246.30-INR 250.80
--Copper contract seen at INR 877.10-INR 907.10
--Lead contract seen at INR 180.50-INR 182.60
--Zinc contract seen at INR 253.50-INR 260.40

End

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

Edited by Nishant Maher

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