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Informist, Thursday, Feb. 5, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of all base metals fell on the Multi Commodity Exchange of India Thursday, tracking a decline in the contracts on the London Metal Exchange due to a firm dollar. Rising stockpiles in warehouses registered with the London Metal Exchange also weighed on COPPER prices. 

 

At 1543 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.3% at 97.90. A stronger dollar makes dollar-denominated commodities, such as base metals, expensive for holders of other currencies, denting demand.

 

LME-registered inventories climbed to 155,725 tonnes, the highest since March, following the return of 12,750 tonnes to warrant in Taiwan and South Korea, Kedia Advisory said in a note. Copper inventories in the Shanghai Futures Exchange warehouses have also been rising since December, reaching 133,004 tonnes as of Friday, the highest level since April, Reuters reported, citing the exchange's weekly stock report.

 

"Sentiment was further weighed down by a forecast from the China Nonferrous Metals Industry Association that refined copper output will rise about 5% this year, following a 10% increase in 2025," Dow Jones quoted analysts at ANZ Research as saying.

 

Prices also fell because of fading expectation of a rate cut by the US Federal Reserve due to hawkish comments from the US Federal Reserve Governor Lisa Cook. "Fed Governor Lisa Cook emphasised that persistent upside inflation risks outweigh signs of labor-market cooling, signalling limited appetite for near-term rate cuts," Kedia Advisory said. Market participants now await job openings data and the weekly unemployment claims, which are due later in the day. The data will provide cues to the rate-cut trajectory of the US Federal Reserve.  

 

At 1533 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 307.10 a kg, down 0.6%
--Copper was at INR 1,234.2 a kg, down 0.8%
–-LEAD was at INR 189.75 a kg, down 0.5%
–-ZINC was at INR 319.5 a kg, down 0.7%

--NICKEL was at INR 1,529.10 a kg, down 1.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 304.00-INR 310.00

--Copper contract seen at INR 1,205.00-INR 1,355.00
--Lead contract seen at INR 188.00-INR 191.00

--Zinc contract seen at INR 316.00-INR 322.00

--Nickel contract seen at INR 1,500.00-INR 1,580.00

 

End

 

Edited by Tanima Banerjee

 

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