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Informist, Thursday, Apr. 23, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals edged lower on the Multi Commodity Exchange of India Thursday, tracking a fall in contracts on the London Metal Exchange owing to a rise in the dollar index. Copper prices also fell as peace talks between the US and Iran stalled, pushing crude oil prices above $100 per barrel and renewing concern about inflation and global economic growth.

 

Brent crude oil prices rose above $100 per barrel as Iran's Islamic Revolutionary Guards Corps Wednesday seized two cargo ships near the Strait of Hormuz after they allegedly violated rules, which includes taking permits for routes. The speaker of Iran's parliament, Mohammad Bagher Ghalibaf, said the strait will not be reopened as long as the US naval blockade continues, calling it a "blatant violation of ceasefire".

 

"Base metals are trading on a weaker footing (on LME), with copper leading losses, down over 1% to (about) $13,240/ton, as macro pressures re-emerge," Kotak Securities said in a report. "The pullback follows stalled US Iran negotiations and continued disruption in the Strait of Hormuz, which has pushed energy prices higher and reinforced concerns over global growth and industrial demand," it said.

 

While COPPER had recently benefited from improved sentiment and Chinese demand, near-term signals are turning mixed, with spot premiums slipping into discount territory, indicating softer immediate consumption. "Supply-side risks, including tightening sulphuric acid availability, continue to provide some underlying support," the brokerage said.

 

At 1753 IST, on the MCX, the April futures contract of:

--Aluminium was steady at INR 373.25 a kg
--COPPER was at INR 1,279.40 a kg, down 0.3%
–-Lead was at INR 196.35 a kg, down 0.1%
–-Zinc was steady at INR 349.40 a kg

 

The May futures contract of NICKEL was at INR 1,726.40 a kg, down 0.1%

 

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

--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 1,680.00-INR 1,760.00

 

End

 

US$1 = INR 94.10

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

 

Edited by Rajeev Pai

 

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