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Informist, Wednesday, Feb. 11, 2026

By Reshma Ravi

MUMBAI – Futures contracts of all the base metals on the Multi Commodity Exchange of India were up Wednesday, tracking rise in contracts on the London Metal Exchange due to a weak dollar. Growing expectations of a rate cut by the US Federal Reserve due to weaker than expected US retail sales data also lifted market sentiment. Market participants are waiting for the non-farm payrolls report for January that is due later in the day and inflation data due Friday, for more cues on the Fed's monetary policy path.

At 1631 1IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.3% at 96.57. A weak dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand for such commodities.

Data released overnight showed US retail sales were unchanged in December as households scaled back spending on motor vehicles and other big-ticket items, potentially setting consumer spending and the economy on a slower growth path, Reuters reported. Market participants expect at least two 25 basis point rate cuts in 2026, with the first one expected in June. "Broader macro sentiment and expectations for Fed easing will also be key drivers for metals in the weeks ahead," Dow Jones quoted ING analysts as saying.

However, the gains in COPPER prices are likely to be capped due to weak demand from China, where elevated prices and the approaching Lunar New Year holidays have slowed buying activity, Kotak Securities said in a report. Rising inventories are also likely to weigh on copper prices. "Inventories across Asian exchanges have continued to rise, reflecting weaker near-term consumption even as broader fundamentals remain supportive," the broking firm said.

"Aluminium also moved higher, while nickel prices rose on expectations of tighter supply following Indonesia's plans to curb output," Kotak Securities said.

At 1633 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 315.00 a kg, up 1%
--Copper was at INR 1,259.2 a kg, up 2%
–-LEAD was at INR 189.75 a kg, up 0.6%
–-ZINC was at INR 331.25 a kg, up 2%

--NICKEL was at INR 1,583.00 a kg, up 4%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 310.00-INR 316.00

--Copper contract seen at INR 1,230.00-INR 1,260.00
--Lead contract seen at INR 188.00-INR 191.00

--Zinc contract seen at INR 325.00-INR 335.00

--Nickel contract seen at INR 1,540.00-INR 1,630.00

End

US$1 = INR 90.70

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

Edited by Ashish Shirke

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