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Informist, Monday, Feb. 16, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exchange of India and the London Metal Exchange Monday amid thin trading as the Chinese and US markets were shut. COPPER prices were also weighed down by rising inventories across global exchanges, according to analysts. The US markets were shut on account of Presidents' Day and the Chinese markets were shut for the Lunar New Year holidays.

 

ZINC emerged as the top laggard on the LME, declining nearly 0.7% to $3,319 per tonne, while copper hovered near $12,860 per tonne, consolidating after recent volatility, according to Kotak Securities. "Copper prices remained pressured by a steady build-up in exchange inventories, with combined stockpiles across London, Shanghai, and New York rising above 1 million tonnes, reflecting subdued near-term demand," the brokerage said.

 

ALUMINIUM was slightly down amid reports of the US administration planning to lower import tariffs. "Aluminium fell on Friday after reports that Trump is considering reducing the scope of US import tariffs on metals. The US President plans to roll back levies on aluminium and steel on concerns that the duties are hurting consumers," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. However, there remains some doubt about the likelihood of a reduction, with US Treasury Secretary Bessent downplaying any potential rollback, Hynes added.

 

"The LMEX index, which had rallied to record levels last month on strong Chinese buying and a weaker dollar, has since eased as markets await fresh catalysts, including clarity on US tariff policy and the Federal Reserve's monetary outlook," Kotak said.

 

At 1728 IST, on the MCX, the February futures contract of:

--Aluminium was at INR 309.00 a kg, down 0.1%
--Copper was at INR 1,204.45 a kg, down 0.4%
–-LEAD was at INR 188.20 a kg, up 0.4%
–-Zinc was at INR 322.55 a kg, down 0.3%

--NICKEL was at INR 1,501.00 a kg, up 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 306.00-INR 312.00

--Copper contract seen at INR 1,185.00-INR 1,220.00
--Lead contract seen at INR 187.00-INR 190.00

--Zinc contract seen at INR 318.00-INR 326.00

--Nickel contract seen at INR 1,480.00-INR 1,540.00

End

 

US$1 = INR 90.65

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

 

Edited by Tanima Banerjee

 

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