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Informist, Tuesday, Apr. 28, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals edged lower on the Multi Commodity Exchange of India Tuesday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar. Market sentiment remains weighed down as uncertainty around a US-Iran deal and the closure of the Strait of Hormuz have again pushed crude oil prices above $110 per barrel, raising concerns about inflation and global economic growth.

 

"Sentiment remains pressured as markets assess uncertain progress in US–Iran negotiations, with persistent geopolitical risks elevating energy costs and weighing on global growth expectations," Kotak Securities said in a report. 

 

At 1916 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.2% at 98.73. A stronger dollar makes dollar-denominated commodities, such as base metals, expensive for holders of other currencies, denting demand.

 

However, most metals on LME, except tin, have at least almost recovered their losses or risen since the outbreak of the US-Iran war. "This is remarkable because high energy prices certainly signal a clouding of economic prospects, even if downward revisions to economic forecasts have so far been limited," Barbara Lambrecht, commodity analyst at Commerzbank AG, said in a report.

 

ALUMINIUM prices have surged over 21% since the war started. This means there is a risk of correction as soon as an opening of the Strait of Hormuz appears on the horizon, Lambrecht said.

 

At 1910 IST, on the MCX, the May futures contract of:

--Aluminium was at INR 366.00 a kg, down 2.6%
--COPPER was at INR 1,278.25 a kg, down 1.4%
–-LEAD was at INR 198.90 a kg, down 0.1%
–-ZINC was at INR 341.65 a kg, down 1.3%

--NICKEL was at INR 1,813.00 a kg, down 0.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 365.3-INR 377.5

--Copper contract seen at INR 1,265.00-INR 1,300.00
--Lead contract seen at INR 197.00-INR 201.00

--Zinc contract seen at INR 340.00-INR 346.00

--Nickel contract seen at INR 1,760.00-INR 1,860.00

End

 

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

 

Edited by Saji George Titus

 

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