More Stories

Informist, Tuesday, Sept. 2, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India fell Tuesday, tracking a drop in contracts on the London Metal Exchange because of a rise in the dollar index. Copper contracts on the MCX were steady, while zinc contracts rose.

At 1759 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was up 0.8% at 98.42. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, denting demand.

Prices of most base metals have risen recently, with copper prices edging closer to the $10,000 per tonne mark on the LME on Monday, mainly because of expectations of rate cuts by the US Federal Reserve this month. However, analysts at Commerzbank said this is likely to have been priced in and futher rise in prices in unlikely. "The prospect of interest rate cuts in the US and the resulting weakening of the US dollar had provided a boost in recent weeks. However, this is likely to have been priced in," Barbara Lambrecht, commodity analyst at Commerzbank, said in a report. 

"...however, there is a lack of further impetus in the short term, so the upward trend is likely to subside. Yesterday (Monday), at least, the attempt to break through the USD 10,000 per ton mark failed on the copper market," Lambrecht added.

Market participants are now waiting for a slew of US data this week that could determine the Federal Open Market Committee's rate decision later in the month. ISM's manufacturing purchasing managers' index data is due later in the day, along with services PMI and the non-farm payrolls report due later in the week.

At 1800 IST, on the MCX, the September futures contract of:
-–Aluminium was at INR 254.35 a kg, down 0.2%
–-Copper was steady at INR 897.55 a kg

–-Lead was at INR 181.70 a kg, down 0.3%
–-Zinc was at INR 273.70 a kg, up 0.6%

--Nickel was at INR 1,348.90 a kg, down 0.5%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 251.80-INR 258.20
--Copper contract seen at INR 888.20-INR 909.80
--Lead contract seen at INR 180.10-INR 183.10
--Zinc contract seen at INR 270.10-INR 279.10

--Nickel contract seen at INR 1,340.00-INR 1,370.00

End

US$1 = INR 88.16

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

Edited by Avishek Dutta

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.