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Informist, Thursday, Apr. 9, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange edged lower Thursday as renewed hostilities in West Asia dented confidence in continuance of the two-week ceasefire between the US and Iran, according to analysts. A sharp rise in inventories added further downward pressure on copper prices.

Iran has shut the Strait of Hormuz again after Israel breached the ceasefire deal, acccording to Iranian media reports. Israel carried out one of its largest strikes against Hezbollah in Lebanon Wednesday. Iran attacked Saudi Arabia's East-West oil pipeline, which carries 7 million barrels of crude oil per day from the Gulf to the Red Sea. Kuwait, Qatar and the United Arab Emirates reported missile and drone attacks on Wednesday, according to media reports.

Meanwhile, US President Donald Trump Thursday threatened Iran that all US ships, aircraft, and ‌military personnel will stay in and around Iran until the latter fully complied with the "real agreement."

"The pullback reflects fading confidence in the durability of the US–Iran ceasefire, while ongoing disruptions in the Strait of Hormuz and elevated energy prices continue to weigh on global growth and demand expectations," Kotak Securities said in a report.

COPPER inventories at warehouses registered with the LME rose by another 6,500 tonnes for a third straight session to 385,275 tonnes, the highest level since March 2018, signaling subdued demand despite the recent improvement in sentiment, according to ING analysts.

However, the downside in ALUMINIUM prices was limited due to supply constraints from the West Asia war. The region produces around 8-9% of global aluminium, and several large smelters in the region have already cut output.

At 1656 IST, on the MCX, the April futures contract of:

--Aluminium was at INR 354.05 a kg, down 0.2%
--Copper was at INR 1,181.95 a kg, down 0.5%
–-LEAD was at INR 194.20 a kg, down 0.8%
–-ZINC was at INR 328.00 a kg, down 0.2%

--NICKEL was steady at INR 1,628.50 a kg

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

--Copper contract seen at INR 1,168.00-INR 1,198.00
--Lead contract seen at INR 192.00-INR 196.00

--Zinc contract seen at INR 324.00-INR 332.00

--Nickel contract seen at INR 1,600.00-INR 1,660.00

End

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

Edited by Tanima Banerjee

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