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Informist, Thursday, Apr. 30, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity of India Thursday, tracking a rise in contracts on the London Metal Exchange because of a sharp fall in the dollar. COPPER prices received additional support from better-than-expected economic data from China, the world's top consumer. Pre-holiday stocking in China has also supported red metal prices.

China's official manufacturing purchasing managers' index was 50.3 in April, above the 50.1 expected by economists polled by Reuters. "The upside in copper is supported by stronger-than-expected expansion in China's manufacturing sector, which has helped offset persistent geopolitical concerns from West Asia," Kotak Securities said in a report. "Structurally, demand remains firm, driven by accelerating data centre investments and electrification trends, with major technology firms actively securing long-term copper supply," the brokerage said.

However, the market's focus remains on the war in West Asia, which has driven crude oil prices to a four-year high. "In particular, risks to energy flows through the Strait of Hormuz, which continue to cap upside," ING analysts said in a report. "In China, stricter enforcement around invoicing may weigh on spot activity and slow inventory draws. Supply-side risks linked to war-related disruptions, especially constraints on inputs such as sulphur, continue to underpin the market," they said.

Meanwhile, Chile faces refining disruptions due to constrained sulphuric acid availability, while Indonesia's Grasberg mine continues to operate below capacity following a force majeure event, according to Kotak Securities. "Near-term bias remains constructive on tightening supply and resilient demand. However, macro risks, particularly geopolitical tensions and global growth uncertainty, may cap upside and sustain volatility," the brokerage said.

At 2031 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 365.25 a kg, up 0.2%
--Copper was at INR 1,278.50 a kg, up 0.3%
–-LEAD was at INR 199.40 a kg, up 0.2%
–-ZINC was at INR 342.60 a kg, up 1%

--NICKEL was at INR 1,834.70 a kg, up 1.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 356.80-INR 376.00

--Copper contract seen at INR 1,259.00-INR 1,310.10
--Lead contract seen at INR 197.50-INR 201.60

--Zinc contract seen at INR 335.30-INR 349.70

--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 Saji George Titus

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