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Informist, Wednesday, Jul. 23, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Wednesday due to easing trade tensions after US President Donald Trump announced a trade deal with Japan. However, aluminium contracts edged lower because of a rise in inventories at LME-accredited warehouses.

Trump late Tuesday announced that the US has finalised a trade agreement with Japan and the Philippines. As per the agreements, the US will levy a 15% tariff on imported goods from Japan, and a 19% tariff on goods imported from the Philippines. "We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits," Trump announced in a post on his social media platform Truth Social.

"Market sentiment received a boost after US President Trump announced a trade deal with Japan, reinforcing the broader risk-on mood," Kotak Securities said in a note. "While the initial optimism from Beijing's industrial support measures has faded, the possibility of a breakthrough in trade talks with China have kept the prices underpinned," the report added.

However, gains in COPPER prices were capped as the International Copper Study Group said the market was in a surplus of 272,000 tonnes in the first five months of 2025. Meanwhile, ALUMINIUM inventories registered with the LME rose by 6,350 tonnes to 444,800 tonnes.

Market participants are now waiting for the US flash manufacturing purchasing managers' index due Thursday for further cues. 

At 1654 IST, on the MCX, the July futures contract of:
-–Aluminium was at INR 254.25 a kilogram, down 0.3%
–-Copper was at INR 899.65 a kg, up 0.2%
–-LEAD was at INR 180.05 a kg, up 0.4%
–-ZINC was at INR 269.30 a kg, up 0.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 251.20-INR 257.50
--Copper contract seen at INR 890.70-INR 910.50
--Lead contract seen at INR 178.30-INR 181.00
--Zinc contract seen at INR 264.30-INR 274.00

End

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

Edited by Subhojit Sarkar

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