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Informist, Wednesday, Feb. 4, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India Wednesday, tracking a decline in contracts on the London Metal Exchange because of a rise in the dollar. LEAD, NICKEL, and COPPER futures were trading in the red on the domestic bourse while ALUMINIUM and ZINC were in the green.

 

Copper was down nearly 1% at around $13,360 per tonne on the LME, trimming part of Tuesday's sharp rebound as rising inventories across Shanghai, London, and COMEX weighed on sentiment, Kotak Securities said in a report. Copper has diverged from gold and silver, which continue to see safe-haven inflows, as markets reassess softer physical demand and ample near-term supply, the brokerage said.

 

However, the downside in copper was limited, as demand from Chinese manufacturers remained at lower levels. "Manufacturers in China appear to be using the opportunity to restock inventories ahead of the Lunar New Year holiday," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "Stockpiles on the Shanghai Futures Exchange have been rising over the past few weeks. However, they remain well below seasonal levels," Hynes said.

 

The pullback in copper prices on Friday and Monday was triggered by aggressive profit-taking after prices reached record highs last week. It was further amplified after US President Donald Trump announced the nomination of Kevin Warsh, a former Fed governor, as the next chair of the board of governors of the US central bank. Warsh is viewed as the most hawkish candidate.

 

At 1836 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.1% at 97.47. A stronger dollar makes dollar-denominated commodities, such as base metals, expensive for holders of other currencies, denting demand.

 

At 1805 IST, on the MCX, the February futures contract of:

--Aluminium was at INR 315.25 a kg, up 0.1%
--Copper was at INR 1,281.7 a kg, down 0.1%
–-Lead was at INR 191.15 a kg, down 0.3%
–-Zinc was at INR 328.85 a kg, up 0.5%

--Nickel was at INR 1,576.90 a kg, down 0.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 298.50-INR 331.80

--Copper contract seen at INR 1,178.80-INR 1,371.20
--Lead contract seen at INR 183.70-INR 198.30

--Zinc contract seen at INR 308.80-INR 340.60

--Nickel contract seen at INR 1,520.00-INR 1,640.00

End

 

US$1 = INR 90.43

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

 

Edited by Saji George Titus

 

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