India Base Metals
Down on rise in dollar, China-US trade tensions
This story was originally published at 19:49 IST on 17 October 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of all base metals were down on the Multi Commodity Exchange of India Friday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar. Market sentiment was also hurt by rising trade tensions between China and the US, which could hurt demand for metals.
At 1921 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.1% at 98.42. A stronger dollar makes dollar-denominated commodities such as base metals expensive for those holding other currencies, thereby denting demand for such metals.
US President Donald Trump Thursday said that Washington was now locked in a trade war with Beijing, after China announced new restrictions on rare earth exports. US Trade Representative Jamieson Greer described China's new export restrictions as a "global supply-chain power grab", and the US and its allies would not accept such restrictions. Trump is expected to meet Chinese President Xi Jinping in South Korea later this month.
China's Ministry of Commerce accused the US of creating "panic" over Beijing's controls on rare earth exports. Beijing also defended its ongoing purchases of Russian oil. Market participants are now waiting for China's industrial production and retail sales data to gauge the demand in the country.
At 1918 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 261.75 a kg, down 0.7%
–-COPPER was at INR 985.45 a kg, down 0.9%
–-LEAD was at INR 177.65 a kg, down 1.1%
–-ZINC was at INR 290.80 a kg, down 0.2%
The November futures contract of NICKEL was at INR 1,321.80 a kg, down 0.7%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 261.00-INR 264.00
--Copper contract seen at INR 980.00-INR 998.00
--Lead contract seen at INR 176.00-INR 179.00
--Zinc contract seen at INR 288.00-INR 292.00
--Nickel contract seen at INR 1,315.00-INR 1,350.00
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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