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Informist, Thursday, Feb. 12, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India Thursday, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. COPPER prices also got a boost from a tight supply outlook and steady demand, according to analysts.

 

"Base metals are trading on a mixed note (on LME), with copper and aluminium leading gains while nickel underperformed. Copper rose over 1% to trade near $13,320/ton, supported by a weaker US dollar and a tighter supply outlook, even as buying interest from China softened ahead of the Lunar New Year holidays," Kotak Securities said in a report.

 

At 1743 1IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.1% at 96.79. A weak dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

ALUMINIUM prices also rose, reflecting improved sentiment across the complex, Kotak Securities said. Prices continue to find support from expectations of steady demand linked to global manufacturing activity, the energy transition, and ongoing expansion in AI-driven data centres, at a time when mine supply growth remains constrained by declining ore grades and operational challenges, it added.

 

Recent rallies across base metals have also been amplified by speculative participation, particularly from Chinese investors. "While near-term demand from China may remain subdued due to seasonal factors, underlying fundamentals remain constructive. Continued supply disruptions and expectations of moderate refined copper output growth are likely to keep the broader base metals complex supported in the medium term," Kotak said. 

 

At 1723 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 315.05 a kg, up 0.4%
--Copper was at INR 1,253.55 a kg, up 0.5%
–-LEAD was steady at INR 189.85 a kg
–-ZINC was at INR 329.20 a kg, up 0.1%

--NICKEL was at INR 1,593.1 a kg, down 0.5%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 305.60-INR 324.20

--Copper contract seen at INR 1,200.20-INR 1,313.80
--Lead contract seen at INR 186.00-INR 193.60

--Zinc contract seen at INR 319.10-INR 339.50

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

End

 

US$1 = INR 90.59

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

 

Edited by Saji George Titus

 

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