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Informist, Monday, Feb. 23, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India Monday, tracking a rise in contracts on the London Metal Exchange, owing to a fall in the dollar index after the US Supreme Court struck down most of the tariffs announced by President Donald Trump last year. However, the rise was limited as market sentiment remained cautious after Trump announced new temporary tariffs, according to analysts.

 

The court Friday struck down Trump's original slate of tariffs announced in April, saying the president had exceeded his authority by invoking the International Emergency Economic Powers Act without the approval of the US Congress. Shortly after the ruling, Trump imposed a new 10% global levy under another trade law before increasing it to 15% Saturday. The new provision, under section 122 of the Trade Act of 1974, allows tariffs of up to 15% for 150 days without congressional approval.

 

"The ruling does not affect sectorspecific tariffs imposed on national security grounds, including measures on aluminium, steel and copper products. Still, LME metals moved higher as the decision reduced immediate risks to global trade flows and industrial demand," analysts at ING Economics said in a report.

 

"Copper prices are expected to hold its ground and move higher amid soft dollar and improved risk sentiments," ICICI Direct said in a report. "Prices would get support after the tariff relief from the US Supreme Court, but there are no major changes to the separate 50% tariffs on semi-furnished copper products imposed on national securities ground," it added.

 

At 1737 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 308.05 a kg, up 0.3%
--Copper was at INR 1,172.25 a kg, up 0.4%
–-LEAD was steady at INR 187.65 a kg
–-ZINC was at INR 327.85 a kg, up 0.4%

 

The March futures contract of NICKEL was at INR 1,565.10 a kg, up 0.5%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 305.00-INR 311.00

--Copper contract seen at INR 1,158.00-INR 1,185.00
--Lead contract seen at INR 186.00-INR 189.00

--Zinc contract seen at INR 325.00-INR 330.00

--Nickel contract seen at INR 1,520.00-INR 1,600.00

 

End

 

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

 

Edited by Rajeev Pai

 

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