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Informist, Wednesday, Apr. 22, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose Wednesday. Market sentiment improved after the extension of the US-Iran ceasefire, analysts said. Copper prices rose on pre-holiday restocking in China, they added.

 

US President Donald Trump announced an extension of the two-week ceasefire even as the US continued to blockade Iranian ports until Tehran submits a proposal for talks and "discussions are concluded, one way or the other". 

 

COPPER prices rebounded after falling for two consecutive sessions as restocking activity in China picked up ahead of the Labor Day holiday from May 1–5. Chinese smelters produced a record volume of refined copper in March as higher prices for byproduct sulphuric acid boosted output and improved industry margins, Trading Economics reported citing official data. Output rose to 1.33 million tonnes, the highest level in data going back to 1990. "While strong Chinese smelter output has eased near-term supply concerns, upcoming maintenance is likely to tighten availability into May," Kotak Securities said in a report.

 

However, the rise in prices is likely to be capped by uncertainty around the situation in West Asia. "Ongoing disruptions in the Strait of Hormuz and uncertainty around the ceasefire continue to sustain energy-driven inflation risks and weigh on the global growth outlook," Kotak Securities said.

 

"Aluminium remains relatively supported by supply constraints while copper stays more sensitive to macro conditions. Overall, the complex is expected to remain volatile, with geopolitics driving near-term price action," the brokerage added.

 

At 1835 IST, on the MCX, the April futures contract of:

--ALUMINIUM was at INR 371.35 a kg, up 1%
--Copper was at INR 1,276.55 a kg, up 0.9%
–-LEAD was steady at INR 196.50 a kg
–-ZINC was at INR 349.05 a kg, up 1%

 

The May futures contract of NICKEL was at INR 1,729.40 a kg, up 0.9%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 366.00-INR 374.00

--Copper contract seen at INR 1,260.00-INR 1,290.00
--Lead contract seen at INR 194.00-INR 198.00

--Zinc contract seen at INR 345.00-INR 352.00

--Nickel contract seen at INR 1,700.00-INR 1,760.00

 

End

 

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

 

Edited by Rajeev Pai

 

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