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Informist, Thursday, Jul. 24, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper and zinc fell on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar. However, the losses were limited as easing trade tensions lifted the risk appetite of market participants, according to analysts.

At 1850 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was up 0.2% at 97.37. A stronger dollar makes dollar-denominated commodities, such as COPPER, expensive for those holding other currencies, denting demand.

Media reports suggested the US could be close to reaching an agreement with the European Union, which could be on the lines of its trade deal with Japan. The potential deal, as per reports, would see the US impose 15% tariff on imports of EU goods while both parties would waive tariffs on certain products. US President Donald Trump, late Tuesday, announced that the US had finalised a trade agreement with Japan and the Philippines. As per the agreements, the US will levy 15% tariff on goods imported from Japan and 19% on goods imported from the Philippines.

"Aluminium, which underperformed in the previous session, led the gains with a 0.32% rise to $2659.50/ton, buoyed by optimism over a potential trade deal between the US and EU," Kotak Securities said in a report. A fall in aluminium inventories at LME-accredited warehouses also supported prices. ALUMINIUM stocks fell 4,000 tonnes to 440,800 tonnes. 

Market participants now await the meeting between the US and China next week to get further cues on the tariff truce between the two countries.

At 1856 IST, on the MCX, the July futures contract of:
-–Aluminium was at INR 254.30 a kg, up 0.2%
–-Copper was at INR 894.15 a kg, down 0.5%
–-LEAD was steady at INR 179.80 a kg
–-ZINC was at INR 269.05 a kg, down 0.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 251.90-INR 258.10
--Copper contract seen at INR 891.60-INR 909.90
--Lead contract seen at INR 178.40-INR 181.30
--Zinc contract seen at INR 266.20-INR 276.00

End

US$1 = INR 86.40

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

Edited by Rajeev Pai

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