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Informist, Friday, Apr. 24, 2026

 

By Reshma Ravi

MUMBAI – Futures contracts of all 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. However, gains are likely to be capped amid persistent uncertainty around the West Asia conflict. 

 

At 1820 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.2% at 98.60. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

"...zinc finds support from declining LME and SHFE (Shanghai Futures Exchange) inventories, falling treatment charges, and ongoing mine disruptions," Kotak Securities said in a report. ZINC prices rose as LME inventories dropped to a one-month low of 107,525 tonnes, while stocks at the Shanghai Futures Exchange have generally trended lower, reflecting tighter physical availability, Kedia Advisory said in a note.

 

However, the gains in prices are likely to be capped due to uncertainty over an end to the West Asia conflict. "The extended ceasefire and stalled US–Iran negotiations continue to cloud macro sentiment, while disruptions in the Strait of Hormuz are pushing oil prices higher, increasing global growth concerns," Kotak Securities said in a report. On Thursday, US President Donald Trump said he has ordered the US Navy to "shoot and kill" any Iranian boat laying mines in the Strait of Hormuz, a move that could jeopardise the fragile ceasefire between the two countries. Trump's statements came after the US military seized another tanker carrying Iranian oil in the Indian Ocean.

 

Gains in COPPER prices are likely to be capped due to low demand. The global refined copper market is expected to shift to a surplus of 96,000 tonnes in 2026, reversing a previously forecast deficit of 150,000 tonnes, due to slower demand growth and increased secondary production, the International Copper Study Group said in a report.

 

At 1826 IST, on the MCX, the April futures contract of:

--ALUMINIUM was at INR 374.55 a kg, up 0.5%
--Copper was at INR 1,278.80 a kg, up 0.3%
–-LEAD was at INR 197.10 a kg, up 0.4%
–-Zinc was at INR 352.30 a kg, up 1%

 

The May futures contract of NICKEL was at INR 1,738.60 a kg, up 0.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 372.00-INR 378.00

--Copper contract seen at INR 1,280.00-INR 1,305.00
--Lead contract seen at INR 198.00-INR 201.00

--Zinc contract seen at INR 347.00-INR 378.00

--Nickel contract seen at INR 1,700.00-INR 1,770.00

 

End

 

US$1 = INR 94.25

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

 

Edited by Tanima Banerjee

 

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