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Informist, Tuesday, Oct. 14, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India fell Tuesday, tracking a decline in contracts on the London Metal Exchange because of a rise in the dollar index. Market sentiment was also hurt due to rising tensions between China and the US, which could hurt demand for metals.

 

At 1732 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.2% at 99.42. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, thereby denting demand for such metals.

 

China Tuesday announced sanctions against five US-linked subsidiaries of South Korean shipbuilder Hanwha Ocean, Reuters reported. China's commerce ministry said the US was "threatening to intimidate" with the prospect of new tariffs on Chinese exports, "which is not the right way to get along with China", according to The Guardian.

 

On Friday, US President Donald Trump threatened an additional 100% tariff on China, ending months of truce in a trade war between the world's two largest economies after Beijing expanded export controls on rare earths earlier in the week. However, Trump scaled back his threat during the weekend. China Sunday threatened to retaliate if Trump failed to back down on his threat and defended its curbs on exports of rare earth elements and equipment as a response to the US aggression.

 

Meanwhile, the International Lead and Zinc Study Group has forecast a surplus for both zinc and lead this year as well as in 2026. The global refined zinc market is expected to be in a surplus of 85,000 tonnes this year while a larger surplus of 271,000 tonnes is expected in 2026. The global refined lead market is expected to be in a surplus of 91,000 tonnes this year and 102,000 tonnes in 2026, according to the latest forecast from group.

 

At 1727 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 262.60 a kg, down 0.6%
–-COPPER was at INR 990.95 a kg, down 1.3%
–-LEAD was at INR 180.65 a kg, down 0.4%
–-ZINC was at INR 292.55 a kg, down 0.6%

--NICKEL was at INR 1,300.10 a kg, up 1.5%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 261.00-INR 265.00
--Copper contract seen at INR 980.00-INR 1,000.00
--Lead contract seen at INR 179.00-INR 182.00
--Zinc contract seen at INR 290.00-INR 295.00
--Nickel contract seen at INR 1,250.00-INR 1,320.00

End

 

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

 

Edited by Subhojit Sarkar

 

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