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Informist, Monday, Jul. 28, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of zinc fell on the Multi Commodity Exchange of India Monday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar index. A rise in inventories at warehouses monitored by the Shanghai Futures Exchange also hurt market sentiment.

At 1804 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.6% at 98.19. A stronger dollar makes dollar-denominated commodities such as aluminium and zinc expensive for those holding other currencies, denting demand.

ZINC stocks at Shanghai Futures Exchange-monitored warehouses rose 4,789 tonnes on week to 59,419 tonnes in the week ended Friday. ALUMINIUM inventories rose 6,968 tonnes on week to 115,790 tonnes. COPPER stocks fell 11,133 tonnes to 73,423 tonnes while LEAD stocks rose 919 tonnes to 63,254 tonnes.

Copper, lead, and aluminium contracts rose as broader market sentiment improved after the US and the European Union struck a trade deal Sunday. Imports of most goods from the EU into the US would attract a tariff of 15%. Earlier, the US had threatened to impose 30% tariff on imports from the bloc. The deal follows several weeks of intense negotiations and after recent indications that the talks were faltering.

"The red metal inched higher amid a flurry of high-stakes developments, including the upcoming Federal Reserve policy meeting and heightened anticipation around the launch of 50% US tariff on copper imports set for Aug. 1," Kotak Securities said in a report.

Market participants are monitoring the talks between the US and China for further cues on the tariff truce between the two countries.

At 1815 IST, on the MCX, the August futures contract of:
-–Aluminium was at INR 254.45 a kg, up 0.1%
–-Copper was at INR 898.50 a kg, up 0.3%
–-Lead was at INR 182.05 a kg, up 0.2%
–-Zinc was at INR 267.50 a kg, down 0.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 251.80-INR 257.10
--Copper contract seen at INR 889.00-INR 907.20
--Lead contract seen at INR 180.40-INR 182.60
--Zinc contract seen at INR 261.50-INR 270.90

End

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

Edited by Nishant Maher

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