India Base Metals
Most down on firm dollar, rise in LME inventories
This story was originally published at 20:37 IST on 30 July 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar index. Market sentiment was also hurt by a rise in inventories at LME-accredited warehouses.
At 1955 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.6% at 99.46. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, denting demand.
ALUMINIUM inventories at warehouses registered with the LME rose 450 tonnes to 456,550 tonnes. COPPER stocks rose 9,225 tonnes to 136,850 tonnes. LEAD inventories rose 6,025 tonnes to 276,375 tonnes while ZINC inventories fell 3,100 tonnes to 109,050 tonnes.
The 50% tariff imposed on copper imports by the US are scheduled to kick in Friday, but uncertainty about which copper products will actually be affected has weighed on market sentiment. Traders are waiting for China's Manufacturing Purchasing Managers' Index, due Thursday, for further cues. They will also be looking at any other trade deals ahead of the tariff deadline.
At 2011 IST, on the MCX, the August futures contract of:
-–Aluminium was at INR 253.90 a kg, up 0.2%
–-Copper was at INR 896.90 a kg, down 0.3%
–-Lead was at INR 181.30 a kg, down 0.1%
–-Zinc was at INR 267.25 a kg, down 0.4%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 250.50-INR 255.80
--Copper contract seen at INR 888.00-INR 905.00
--Lead contract seen at INR 180.20-INR 182.50
--Zinc contract seen at INR 262.00-INR 270.80
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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