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Informist, Monday, Jan. 12, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India rose Monday, tracking a rise in contracts on the London Metal Exchange because of a sharp fall in the dollar. COPPER prices also rose on expectations of improvement in Chinese demand and intensifying supply concerns, according to analysts.

 

The dollar fell amid mounting political pressure on the US Federal Reserve. Fed Chair Jerome Powell said in a statement early Monday that the Department of Justice has served the central bank with grand jury subpoenas related to his June congressional testimony on the renovations going on at the Fed's office buildings. He said the subpoenas are "a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President". Powell denied the subpoenas were due to his testimony or the renovation.

 

At 1749 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.4% at 98.79. A weak dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

"Adding to the bullish tone, expectations of further U.S. rate cuts and policy easing in China, alongside a weaker dollar triggered by fresh tensions between the Justice Department and the Federal Reserve, have reinforced investor appetite for hard assets," Kotak Securities said in a report.

 

Copper prices on the LME hovered near record highs above $13,000 per tonne as concern over potential US tariffs on the metal continued to draw it into American warehouses, tightening availability elsewhere, according to the report. "Ongoing mine disruptions across South America, combined with steady industrial demand from electrification, electric vehicles and AI-related (artificial intelligence-related) infrastructure, have kept the market structurally tight."

 

At 1739 IST, on the MCX, the January futures contract of:

--ALUMINIUM was steady at INR 317.35 a kg
--COPPER was at INR 1,316.50 a kg, up 2.8%
–-LEAD was at INR 193.20 a kg, up 0.8%
–-ZINC was at INR 313.65 a kg, up 1.5%

--NICKEL was at INR 1,704.00 a kg, up 0.1%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 307.20-INR 328.10

--Copper contract seen at INR 1,249.50-INR 1,383.90
--Lead contract seen at INR 186.70-INR 199.70

--Zinc contract seen at INR 305.70-INR 320.50

--Nickel contract seen at INR 1,660.00-INR 1,740.00

 

End

 

US$1 = INR 90.15

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

 

Edited by Rajeev Pai

 

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