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Informist, Tuesday, Mar. 10, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India Tuesday, tracking a rise in contracts on the London Metal Exchange because of a fall in the dollar. Aluminium prices fell after US President Donald Trump said the military conflict in West Asia will end soon, easing concern about supply disruptions.

 

"Aluminium prices retreated on Tuesday, dragged down by a flurry of selling among some investors to cash in profits after U.S. President Donald Trump pledged a quick end to the Middle East war, easing concerns over the metal's supply," SMC Global Research said in a report.

 

West Asia accounts for nearly 9% of global ALUMINIUM production. The closure of the Strait of Hormuz, a critical route for West Asian producers to transport the metal and raw materials, has led to major producers cutting output.

 

At 1523 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.2% at 98.56. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

COPPER prices were "supported by a softer dollar and opportunistic buying from Chinese fabricators that helped offset earlier geopolitical volatility", Kotak Securities said in a report. Better-than-expected economic data from top consumer China also supported prices.

 

China's CPI, the main gauge of inflation, rose 1.3% on year last month, higher than expectations of a 0.9% increase. The core CPI, which excludes food and energy prices, increased 1.8% on year, according to the National Bureau of Statistics. On a month-on-month basis, China's CPI rose 1% in February.

 

However, the rise in copper price was capped by rising inventories across exchanges. "Shanghai Futures Exchange inventories have recently hit a record high as physical demand softened in China, although stocks typically build seasonally around the Lunar New Year holiday. LME inventories, meanwhile, are approaching a 17-month high," Ewa Manthey, commodities strategist at ING Economics, said in a report.

 

At 1508 IST, on the MCX, the March futures contract of:

--Aluminium was at INR 333.65 a kg, down 0.7%
--Copper was at INR 1,206.70 a kg, up 1.1%
–-LEAD was at INR 188.65 a kg, up 0.2%
–-ZINC was at INR 327.05 a kg, up 0.6%

--NICKEL was steady at INR 1,586.50 a kg

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 330.00-INR 336.00

--Copper contract seen at INR 1,190.00-INR 1,220.00
--Lead contract seen at INR 187.00-INR 190.50

--Zinc contract seen at INR 324.00-INR 330.00

--Nickel contract seen at INR 1,580.00-INR 1,615.00

 

End

 

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

 

Edited by Rajeev Pai

 

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