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Informist, Monday, Mar. 2, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of all base metals were up on the Multi Commodity Exchange of India Monday because of a sharp fall in the rupee against the dollar. ALUMINIUM surged over 3% amid escalating geopolitical tensions in West Asia, analysts said.

 

The rise in aluminium prices was driven by concerns about potential disruptions to the Strait of Hormuz, a critical trade route facilitating shipments for several major regional producers, Kotak Securities said in a report. West Asia accounts for about 9% of global aluminium production capacity, and markets remain highly sensitive to supply risks from the region. Escalating tensions after joint US–Israel strikes on Iran and Tehran's retaliatory response have heightened concerns about potential shipping and logistical constraints, especially for major producers such as Emirates Global Aluminium and Aluminium Bahrain, Kotak said.

 

Market sentiment was also supported by expectations of fresh policy stimulus from China, with the upcoming "Two Sessions" expected to outline economic targets and unveil the 15th Five-Year Plan (2026–2030), Kotak said. 

 

The rupee ended at a one-month low against the dollar Monday, posting its worst single-day fall in nearly six weeks. It closed at 91.4700, down 0.5% against the dollar. When the rupee depreciates against the dollar, prices of base metals in the domestic market adjust as these are priced in rupees.

 

However, rising inventories could cap the gains in COPPER prices. Stocks registered with the Shanghai Futures Exchange warehouses surged to 391,529 tonnes, the highest level since March 2016, marking the 11th straight weekly increase following the Lunar New Year holidays, Kedia Advisory said in a note.

 

At 1650 IST, on the MCX, the March futures contract of:

--Aluminium was at INR 323.45 a kg, up 3%
--Copper was at INR 1,226.20 a kg, up 0.3%
–-LEAD was at INR 189.90 a kg, up 0.2%
–-ZINC was at INR 329.90 a kg, up 1%

--NICKEL was at INR 1,625.10 a kg, up 1%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 320.00-INR 328.00

--Copper contract seen at INR 1,210.00-INR 1,240.00
--Lead contract seen at INR 188.00-INR 192.00

--Zinc contract seen at INR 326.90-INR 332.00

--Nickel contract seen at INR 1,580.00-INR 1,670.00

End

 

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

 

Edited by Saji George Titus

 

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