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Informist, Wednesday, Apr. 29, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper were steady on the Multi Commodity Exchange of India Wednesday after trading in the green for most of the day as market participants await the US Federal Reserve's monetary policy decision later in the day and comments on the future path of interest rates. Aluminium prices edged higher due to persistent supply tightness amid the closure of the Strait of Hormuz.

 

"Copper strength was driven by pre-holiday restocking from Chinese fabricators ahead of the Labor Day break, alongside opportunistic buying following a recent multi-session decline," Kotak Securities said in a report. "However, regulatory tightening in China, particularly around invoicing practices, could dampen spot activity and slow inventory drawdowns," it added. 

 

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 over inflation and global economic growth.

 

A sustained upside in COPPER is likely to depend on clearer signs of easing geopolitical risks and a more constructive outlook for industrial activity, analysts at ING said in a report. ALUMINIUM prices have surged over 21% since the war started, as key smelters in West Asia have curtailed output amid the war. The region accounts for around 9% of global aluminium supply. Meanwhile, aluminium production in countries under the Gulf Cooperation Council fell over 5% on year to 495,000 tonnes in March.

 

At 1727 IST, on the MCX, the May futures contract of:

--Aluminium was at INR 369.30 a kg, up 0.9%
--COPPER was steady at INR 1,276.55 a kg
–-LEAD was steady at INR 199.05 a kg
–-ZINC was at INR 340.60 a kg, down 0.4%

--NICKEL was at INR 1,827.50 a kg, down 0.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 365.00-INR 372.00

--Copper contract seen at INR 1,260.00-INR 1,290.00
--Lead contract seen at INR 197.00-INR 201.00

--Zinc contract seen at INR 337.00-INR 344.00

--Nickel contract seen at INR 1,780.00-INR 1,860.00

End

 

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

 

Edited by Vandana Hingorani

 

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