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Informist, Tuesday, Jul. 29, 2025

By J. Navya Sruthi

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India were higher as the rupee ended sharply lower Tuesday against the dollar. However, aluminium prices fell, tracking a fall in prices on the London Metal Exchange due to the firm dollar.

COPPER, ZINC, and LEAD prices rose on the MCX as the value of the rupee sharply fell. Commodities like base metals are dollar-denominated. So when the rupee falls against the dollar, prices of base metals rise in rupee terms. After falling to a low of 86.9150 a dollar Tuesday, the Indian currency settled at 86.8150, sharply down from 86.6650 Monday. The rupee moved in a range of over 14 paise during the day.  

Uncertainty lingers ahead of the proposed 50% import tariff on copper by the US, set to take effect Friday, with little clarity on which products will be targeted, Kotak Securities said in a report. "Chile, the leading exporter of refined copper to the US, is expected to address the issue during broader trade talks in Washington this week," it said.

However, ALUMINIUM prices fell on the MCX tracking those on the LME as inventories rose 6,968 tonnes on week to 115,790 tonnes at Shanghai Futures Exchange-monitored warehouses in the week ended Friday. Market participants are monitoring the talks between the US and China for further cues on the tariff truce between the two countries.

At 2024 IST, on the MCX, the August futures contract of:
-–Aluminium was at INR 253.65 a kg, down 0.2%
–-Copper was at INR 899.35 a kg, up 0.4%
–-Lead was at INR 181.55 a kg, up 0.1%
–-Zinc was at INR 267.15 a kg, up 0.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 250-INR 255
--Copper contract seen at INR 887-INR 905
--Lead contract seen at INR 179-INR 183
--Zinc contract seen at INR 261-INR 272

End

Edited by Rajeev Pai

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