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Informist, Wednesday, Mar. 25, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and most on the London Metal Exchange rose Wednesday, with aluminium being the only exception on the latter, driven by improved risk appetite following reports of the US seeking a month-long ceasefire in its war against Iran.

 

The US has sent Iran a 15-point plan to end the war, through Pakistan, whose army chief has emerged as a key interlocutor between the US and Iran, The New York Times reported, citing sources. Tuesday, US President Donald Trump said talks to end the war were happening "now". The US is also said to have proposed a one-month ceasefire, according to Israeli media outlet Channel 12. It's unclear if Iran, which has denied any talks, would accept the plan as a starting point for negotiations.

 

"Base metals (on LME) are trading on a mixed note, with aluminium slightly lower near $3,244/ton, while copper has gained around 1% and nickel is leading the complex," Kotak Securities said in a report. "Nickel's strength is driven by Indonesia's move to impose export tariffs, raising concerns over tighter global supply," it said.

 

COPPER prices also got support from signs of improving demand in China, a top consumer of the metal. Copper stocks at warehouses monitored by the Shanghai Futures Exchange fell 22,337 tonnes to 411,121 tonnes in the week ended Friday.

 

"However, the broader outlook remains cautious. Ongoing Middle East (West Asia) tensions and elevated energy prices continue to pose risks to global growth and inflation. While Chinese demand provides some support, the complex is likely to remain sensitive to macro developments and geopolitical headlines in the near term," Kotak Securities said.

 

At 1634 IST, on the MCX, the March futures contract of:

--ALUMINIUM was at INR 333.75 a kg, up 0.7%
--Copper was at INR 1,134.20 a kg, up 1.3%
–-LEAD was at INR 189.00 a kg, up 0.4%
–-ZINC was at INR 309.95 a kg, up 0.4%

 

The April futures contract of NICKEL was at INR 1,598.00 a kg, up 1.6%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 332.00-INR 338.00

--Copper contract seen at INR 1,130.00-INR 1,160.00
--Lead contract seen at INR 186.40-INR 191.30

--Zinc contract seen at INR 307.00-INR 312.00

--Nickel contract seen at INR 1,560.00-INR 1,625.00

End

 

US$1 = INR 93.98

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

 

Edited by Ashish Shirke

 

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