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Informist, Monday, May 4, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India fell on Monday, tracking losses on the London Metal Exchange because of a rise in the dollar. Market sentiment was also weighed down as higher energy prices fuelled concerns around inflation and global economic growth, according to analysts.

 

"LME base metals traded cautiously on Monday, with most contracts slipping modestly as Iran uncertainty and elevated energy costs continued to weigh on industrial demand outlook," Kotak Securities said in a report. "The conflict has been priced primarily as a macroeconomic shock across the complex, higher energy costs, persistent inflation concerns, and weaker near-term demand expectations, rather than a widespread supply outage," it said.

 

US President Donald Trump announced a plan on Sunday called 'Project Freedom' to help ships stuck in the Strait of Hormuz. The initiative is aimed at escorting ships that do not belong to warring nations to exit the strait. However, the head of the Iranian parliament's National Security Commission, Ebrahim Azizi, warned that US intervention in the Strait "will be considered a violation of the ceasefire", reports said.

 

Meanwhile, the global refined copper market is expected to shift to a suplus of 96,000 tonnes in 2026, reversing a previously forecast deficit of 150,000 tonnes, according to the International Copper Study Group. This shift to surplus is due to slower demand growth and increased secondary refined production.

 

"Beijing's directive ordering Chinese companies to disregard US sanctions on Iranian oil trade refiners, a marked departure from its previous practice of quiet compliance, threatens to draw Chinese banks into direct conflict with Washington, adding a fresh layer of uncertainty to an already fragile demand outlook," Kotak Securities said.

 

At 1949 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 370.30 a kg, up 0.4%
--Copper was at INR 1,278.95 a kg, down 0.3%
–-LEAD was steady at INR 199.40 a kg
–-ZINC was at INR 342.25 a kg, down 0.3%

--NICKEL was at INR 1,864.00 a kg, up 1.0%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 365.00-INR 374.00

--Copper contract seen at INR 1,265.00-INR 1,285.00
--Lead contract seen at INR 197.00-INR 202.00

--Zinc contract seen at INR 335.00-INR 346.00

--Nickel contract seen at INR 1,800.00-INR 1,880.00

End

 

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

 

Edited by Avishek Dutta

 

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