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Informist, Friday, Apr. 17, 2026

By Reshma Ravi

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India Friday, tracking a rise in contracts on the London Metal Exchange due to a weak dollar. Prices are also up due to hope of a potential US–Iran peace ‌deal, which is seen easing inflation concerns, analysts said. 

On Thursday, US President Donald Trump said that a second round of talks with Iran could take place this weekend. "Iran wants to make a deal, and we're dealing very nicely with them...They've agreed to give us back the nuclear dust," he said. Meanwhile, Israel and Lebanon agreed to a 10-day ceasefire that came into effect Thursday. This comes after weeks of fighting between Israel and the Iran-backed militant group Hezbollah, The Wall Street Journal reported.

Market sentiment also got a boost due to a weak dollar. At 1657 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.4% at 97.79. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

ALUMINIUM prices are down after hitting a record high in the previous session. On Thursday, the April contract of aluminium on the MCX hit a record high of INR 377.15 per kilogram. "...aluminium slightly off its recent multiyear highs, as traders weigh conflict risks against hopes of a US–Iran peace deal and the spectre of US copper tariff decisions. The conflict's impact on shipping and regional supply, with roughly 10% of global aluminium output concentrated in the GCC region, is keeping the aluminium premium elevated despite a modest pullback from peaks," Kotak said.

At 1840 IST, on the MCX, the April futures contract of:

--Aluminium was at INR 371.50 a kg, down 0.4%
--COPPER was at INR 1,281.00 a kg, up 1%
–-LEAD was at INR 194.70 a kg, up 0.2%
–-ZINC was at INR 341.85 a kg, up 0.5%

The May futures contract of NICKEL was at INR 1,748.20 a kg, up 0.4%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 368.00-INR 376.00

--Copper contract seen at INR 1,255.00-INR 1,285.00
--Lead contract seen at INR 192.00-INR 196.00

--Zinc contract seen at INR 339.00-INR 344.00

--Nickel contract seen at INR 1,720.00-INR 1,770.00

End

US$1 = INR 92.93

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

Edited by Deepshikha Bhardwaj

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