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Informist, Thursday, Mar. 12, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of aluminium extended gains on the Multi Commodity Exchange of India and the London Metal Exchange Thursday due to concerns about tight supply. Copper prices were steady on the domestic bourse.

 

"Base metals (on LME) are trading with a positive bias, supported primarily by strength in aluminium, which has risen over 2% to trade above $3,530/ton, its highest level in nearly four years," Kotak Securities said in a report. "The upside is largely underpinned by intensifying supply concerns following the closure of the Strait of Hormuz amid the Iran conflict, which has disrupted shipments from the Persian Gulf," it said.

 

Reports of suspended deliveries from major smelters in Qatar and Bahrain have further tightened near-term supply conditions. 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. Aluminium Bahrain, one of the world's largest aluminium producers, has declared force majeure on supply contracts, citing the closure of the Strait. This follows the controlled shutdown of output at Qatalum, an aluminium smelter plant jointly owned by Qatar's state-owned aluminium producer and Norsk Hydro.

 

Moreover, China's capacity to offset these disruptions appears limited, as output remains constrained by the government's 45 million tonne production cap, while expansion plans in Indonesia continue to face rising energy costs and regulatory hurdles, Kotak said.

 

COPPER prices were steady on MCX but fell on LME. "...copper remains under modest pressure from dollar strength and inflation concerns, although dip-buying from Chinese fabricators is providing some underlying support," the brokerage added.

 

At 1703 IST, on the MCX, the March futures contract of:

--Aluminium was at INR 347.10 a kg, up 0.7%
--Copper was steady at INR 1,204.10 a kg
–-LEAD was steady at INR 188.40 a kg
–-ZINC was at INR 326.00 a kg, up 0.2%

--NICKEL was at INR 1,606.70 a kg, up 0.7%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 348.00-INR 356.00

--Copper contract seen at INR 1,192.00-INR 1,216.00
--Lead contract seen at INR 187.00-INR 189.50

--Zinc contract seen at INR 322.00-INR 330.00

--Nickel contract seen at INR 1,580.00-INR 1,640.00

End

 

US$1 = INR 92.19

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

 

Edited by Avishek Dutta

 

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