India Base Metals
Most metals up; aluminium rises on supply constraints
This story was originally published at 18:02 IST on 21 April 2026
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By Ashutosh Pati
MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India rose Tuesday. Aluminium were supported by supply tightness due to the war in West Asia, while zinc rose on ongoing mine disruptions and falling inventories in China, according to analysts.
ALUMINIUM prices on the domestic bourse had fallen as much as 6% on Friday after Iran announced it would keep the Strait of Hormuz open during the 10-day ceasefire between Israel and Hezbollah. However, the strait was closed again over the weekend and prices are moving up again. Market participants are focused on the scheduled peace talks in Pakistan on Tuesday, where Iran is yet to confirm its presence.
Aluminium prices found support as production of the metal in the Persian Gulf fell 5.5% on-year in March and 6% from the previous month, data from the International Aluminium Institute showed.
LME ZINC has climbed to an 11-week high near $3,450/ton, supported by tightening near-term supply, declining Shanghai Futures Exchange inventories, and ongoing mine disruptions, Kotak Securities said in a report. LEAD has also strengthened, touching a 7-week high of $1,980/ton, it said.
"Fundamentally, near-term tightness in zinc and lead contrasts with a more balanced outlook, as supply additions from Boliden's Tara mine restart and Ivanhoe's Kipushi ramp-up point to a modest surplus. Overall, supply-side constraints offer short-term support, but improving production and macro uncertainty may cap upside," the brokerage added.
At 1650 IST, on the MCX, the April futures contract of:
--Aluminium was at INR 366.75 a kg, up 0.5%
--COPPER was at INR 1,271.10 a kg, up 0.1%
–-Lead was at INR 197.45 a kg, up 1.5%
–-Zinc was at INR 343.00 a kg, up 0.8%
The May futures contract of NICKEL was steady at INR 1,727.10 a kg
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 362.00-INR 370.00
--Copper contract seen at INR 1,255.00-INR 1,285.00
--Lead contract seen at INR 195.00-INR 199.00
--Zinc contract seen at INR 340.00-INR 346.00
--Nickel contract seen at INR 1,700.00-INR 1,750.00
End
US$1 = INR 93.50
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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