More Stories

Informist, Thursday, Feb. 19, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals edged lower on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar index. Hawkish signals from the US Federal Reserve's January meeting minutes and rising stocks at major exchanges put further pressure on COPPER prices.

 

At 1723 1IST, the dollar index, which measures strength in the greenback against a basket of six major currencies, was up 0.1% at 97.78. A stronger dollar makes dollar-denominated commodities, such as base metals, expensive for holders of other currencies, denting demand.

 

"Copper eased to around $12,856/tonne, pressured by a firmer US dollar following robust economic data and relatively hawkish signals from the Federal Reserve's January meeting minutes," Kotak Securities said in a report.

 

Minutes of the last Federal Open Market Committee meeting showed policymakers at the Federal Reserve largely concurred to maintain interest rates but were divided on future actions, with "several" considering rate increases if inflation stayed high, others favoring additional cuts if inflation fell as anticipated, and the entire board deliberating the potential economic impact of artificial intelligence.

 

The division reflected in the report from Fed Chair Jerome Powell's third-to-last meeting as leader of the US central bank highlights the difficulties awaiting former Fed governor Kevin Warsh, President Donald Trump's choice to succeed Powell in May, in persuading the decision-making body to endorse the rate cuts that Warsh and Trump argue are necessary.

 

"Additional pressure (on copper) stemmed from a continued build-up in exchange inventories and subdued physical demand in China amid Lunar New Year-related disruptions," Kotak said. After a strong two-month rally driven largely by speculative flows, copper appears to be entering a consolidation phase. In the near term, price direction is likely to remain sensitive to US macro data, Fed policy cues, and signs of demand normalising in key consuming regions, the brokerage added.

 

At 1719 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 306.85 a kg, down 0.5%
--Copper was at INR 1,153.85 a kg, down 2.3%
–-LEAD was at INR 187.95 a kg, up 0.2%
–-ZINC was at INR 322.90 a kg, down 0.7%

 

The March futures contract of NICKEL was at INR 1,555.70 a kg, up 0.1%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 300.70-INR 316.20

--Copper contract seen at INR 1,131.50-INR 1,235.40
--Lead contract seen at INR 185.50-INR 191.60

--Zinc contract seen at INR 317.10-INR 333.30

--Nickel contract seen at INR 1,530.00-INR 1,580.00

End

 

US$1 = INR 90.67

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

 

Edited by Akul Nishant Akhoury

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.