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Informist, Tuesday, Feb. 10, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange fell Tuesday amid weakening demand in China ahead of the Lunar New Year holidays, analysts said. However, the decline was limited by a weaker dollar.

 

"Base metals traded on a subdued note, with copper retreating from recent highs as near-term demand softened in China ahead of the Lunar New Year holidays," Kotak Securities said in a report. China's industrial activity slowed as manufacturers scaled back operations, leading to reduced physical buying and thinner market liquidity, while some market participants lowered exposure amid uncertainty surrounding post-holiday demand trends, the brokerage said.

 

Meanwhile, ongoing operational challenges at major mines across the globe and declining ore grades continue to limit output growth, even as China's refined copper production is expected to rise this year, it said.

 

While seasonal weakness in demand is expected to weigh on market sentiment in the short term, persistent supply issues and long-term demand drivers remain in place, underpinning the medium term outlook. "... underlying market fundamentals remain constructive, supported by steady global demand," Kotak said.

 

Market participants now await the postponed January US jobs report, set to be released on Wednesday, after its publication was delayed due to the partial government shutdown. Economists polled by Dow Jones anticipate an increase of 55,000 in payrolls for January, after ADP's report last week indicated a private payroll growth of only 22,000.

 

At 1629 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 311.50 a kg, down 0.4%
--Copper was at INR 1,242.90 a kg, down 0.5%
–-LEAD was at INR 189.00 a kg, down 0.1%
–-ZINC was at INR 325.55 a kg, down 0.1%

--NICKEL was at INR 1,525.00 a kg, down 1.5%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 299.30-INR 323.30

--Copper contract seen at INR 1,176.80-INR 1,308.50
--Lead contract seen at INR 184.50-INR 193.90

--Zinc contract seen at INR 313.20-INR 337.10

--Nickel contract seen at INR 1,500.00-INR 1,640.00

End

 

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

 

Edited by Saji George Titus

 

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