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Informist, Monday, Apr. 6, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of aluminium rose to a record high on the Multi Commodity Exchange of India Monday, as supply risks intensified amid production disruptions in West Asia and logistical constraints at the Strait of Hormuz, analysts said. Prices also rose tracking contracts on the London Metal Exchange due to a weak dollar.

 

The war in West Asia has disrupted production of 3 million tonnes of aluminium per year due to shutdown of some smelters in the region, according to a report by Wood Mackenzie. "Extended outages at major smelters could tighten market balances further and sustain price support," Kotak Securities said in a report.

 

At 1617 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.3% at 99.93. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, thereby boosting demand.

 

The most-active April contract of ALUMINIUM on the MCX was up 0.8% at INR 357.30 per kilogram, after hitting a record high of INR 359.0 per kg earlier in the day.

 

COPPER prices rose due to hopes of a potential ceasefire between the US and Iran, analysts said. "The marginal recovery in sentiment is driven by reports of potential ceasefire negotiations in West Asia, which could ease energy-driven inflation pressures and improve the global growth outlook," Kotak Securities said. Optimism around a potential 45-day ceasefire in West Asia has improved the market sentiment.

 

"However, copper remains under pressure on a broader basis due to ample global supply and elevated inventories, with London Metal Exchange stockpiles near six-year highs and Shanghai Futures Exchange levels close to records," analysts at Kedia Advisory said in a note.

 

At 1615 IST, on the MCX, the April futures contract of:

--Aluminium was at INR 357.30 a kg, up 0.8%
--Copper was at INR 1,168.05 a kg, up 1%
–-LEAD was at INR 196.20 a kg, up 0.5%
–-ZINC was at INR 324.85 a kg, up 0.5%

--NICKEL was at INR 1,638.0 a kg, down 0.2%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 354.00-INR 360.00

--Copper contract seen at INR 1,154.00-INR 1,182.00
--Lead contract seen at INR 194.00-INR 197.00

--Zinc contract seen at INR 320.00-INR 328.00

--Nickel contract seen at INR 1,610.00-INR 1,660.00

End

 

US$1 = INR 93.06

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

 

Edited by Ashish Shirke

 

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