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Informist, Monday, Jul. 21, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India Monday, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. Market sentiment was also lifted by renewed optimism about demand in China and the US, according to analysts.

At 1712 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was down 0.3% at 98.11. A weak dollar makes dollar-denominated commodities, such as base metals, cheaper for those holding other currencies, aiding demand.

"LME base metals continue to gain, with most metals rising over 0.5% and zinc leading the pack with a 1% jump to $2,850/tonne. The rally is supported by a combination of risk-on sentiment, a softer dollar, and renewed optimism around US-China trade relations," Kotak Securities said in a report.

Moreover, better-than-expected economic data from top consumers of metals, the US and China, also supported prices. The US weekly jobless claims fell 7,000 to 221,000 in the week ended Jul. 12. First-time claims for unemployment benefits fell to a three-month low, aligning with consistent job growth in July. Economists polled by Reuters had forecast 235,000 claims for the week.

"Following the surprisingly high figure in Q1, China's Q2 (Apr-Jun) GDP extended the solid performance at 5.2%. The secondary sector, two-thirds of which is manufacturing, stayed resilient (4.8%) thanks to the outperformance of exports so far," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "Domestic consumption appears to have improved, with retail sales reaching 5.0% in H1 (Jan-Jun)," Hynes added.

At 1717 IST, on the MCX, the July futures contract of:
-–ALUMINIUM was at INR 253.55 a kilogram, up 0.5%
–-COPPER was at INR 896.60 a kg, up 0.5%
–-LEAD was steady at INR 178.85 a kg
–-ZINC was at INR 268.00 a kg, up 1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 250.30-INR 256.50
--Copper contract seen at INR 885.20-INR 906.30
--Lead contract seen at INR 177.60-INR 179.90
--Zinc contract seen at INR 263.00-INR 273.90

End

US$1 = INR 86.29

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

Edited by Saji George Titus

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