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Informist, Wednesday, Apr. 8, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India Wednesday, tracking a rise in contracts on the London Metal Exchange due to a sharp fall in the dollar. Copper prices rose on improved risk appetite following the US and Iran's agreement to a two-week ceasefire, easing concerns about prolonged energy supply shocks and the resulting inflationary fallout.

 

"COPPER's rebound reflects improved risk sentiment following the US–Iran ceasefire and reopening of the Strait of Hormuz, easing energy shock concerns and supporting global growth expectations," Kotak Securities said in a report.

 

The US and Iran agreed to a ceasefire to negotiate a definitive peace agreement between the warring parties in West Asia. "We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate," US President Donald Trump said on the social media platform Truth Social. "Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the agreement to be finalized and consummated."

 

A weaker dollar and a slump in crude oil prices also aided demand sentiment, Kotak said. At 1657 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.8% at 98.77. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

ALUMINIUM prices were trading in the red. However, the downside was limited by supply tightness, as disruptions to West Asia smelting capacity and logistical constraints continue to restrict availability, Kotak said. "Looking ahead, copper's upside depends on sustained demand recovery and inventory drawdowns, while aluminium is likely to stay supported by supply constraints. Near-term price action will remain highly sensitive to energy markets and geopolitical developments," the brokerage added.

 

At 1643 IST, on the MCX, the April futures contract of:

--Aluminium was at INR 354.50 a kg, down 0.4%
--Copper was at INR 1,186.30 a kg, up 2.3%
–-LEAD was at INR 195.45 a kg, down 0.2%
–-ZINC was at INR 330.00 a kg, up 0.3%

--NICKEL was at INR 1,632.90 a kg, up 1.0%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 350.00-INR 358.00

--Copper contract seen at INR 1,170.00-INR 1,202.00
--Lead contract seen at INR 193.00-INR 197.00

--Zinc contract seen at INR 325.00-INR 335.00

--Nickel contract seen at INR 1,600.00-INR 1,680.00

End

 

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

 

Edited by Saji George Titus

 

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