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Informist, Friday, Jan. 30, 2026

By Reshma Ravi

MUMBAI – Futures contracts of all base metals fell on the Multi Commodity Exchange of India Friday, tracking losses in contracts on the London Metal Exchange due to a rebound in the dollar. COPPER and ALUMINIUM prices also fell due to profit booking after prices hit record highs in the previous session, analysts said.

Base metal prices fell as the dollar index bounced back Friday after US President Donald Trump nominated Kevin Warsh, a former governor of the US Federal Reserve, to serve as the next Fed chair. At 2017 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.5% at 96.65. A stronger dollar makes dollar-denominated commodities, such as base metals, expensive for holders of other currencies, denting demand. 

Market participants' sentiment was also hurt due to weakening demand. "Activity in the Chinese market is slowing ahead of the Lunar New Year holiday next month, when inventories typically build," SMC Global Securities said in a report. "Further, prices may slip on persistent rise in inventories at LME-registered warehouses and profit booking. Further, investors fear that renewed trade war between US and major economies will hurt global economic growth and dent demand for industrial metal," ICICI Direct said in a report.

However, the fall in prices could be limited for copper due to supply concerns. "On the other hand, supply remains limited. There is a lack of new mining projects to meet rising demand, while existing mines are struggling with falling copper content in ores. In addition, protests and environmental regulations make it difficult to develop new projects," Commerzbank said in a report.

"Additional upside came from expectations of further policy support for China's struggling property sector, alongside structurally strong demand from renewable energy, electric vehicles, and artificial intelligence–related infrastructure," Kedia Advisory said.

At 2013 IST, on the MCX, the February futures contract of:

--Aluminium was at INR 325.05 a kg, down 4.8%
--COPPER was at INR 1,354.00 a kg, down 4.1%
–-LEAD was at INR 194.80 a kg, down 3.4%
–-ZINC was at INR 332.30 a kg, down 2.5%

--NICKEL was at INR 1,675.00 a kg, down 5.5%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 308.00-INR 327.00

--Copper contract seen at INR 1,300.00-INR 1,380.00
--Lead contract seen at INR 188.00-INR 199.00

--Zinc contract seen at INR 315.00-INR 333.00

--Nickel contract seen at INR 1,540.00-INR 1,700.00

End

Edited by Tanima Banerjee

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