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Informist, Tuesday, May 5, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose Tuesday, with copper contracts rising as the recent fall in prices attracted buyers, according to analysts. Aluminium prices rose due to supply risks from the Persian Gulf amid the closure of the Strait of Hormuz.

"LME base metals traded mostly higher on Tuesday, supported by improved risk sentiment as tensions around the Strait of Hormuz eased following Monday's flare up," Kotak Securities said in a report. "Copper rose...as markets assessed the durability of the fragile ceasefire after recent exchanges between US and Iranian forces in the Persian Gulf," it added.

Market sentiment improved after US forces enabled safe passage of vessels through the strait, the brokerage said. However, gains in COPPER prices were capped as inventories at LME-registered warehouses were at their highest levels since 2013. ZINC prices also rose, boosted by a fire incident at Glencore's Kazzinc Ust-Kamenogorsk plant, though the extent of disruption remains uncertain, Kotak said.

Price of both copper and aluminium prices have declined around 1.5% in the past five days. However, analysts at Commerzbank AG believe the significant improvement in sentiment in the manufacturing sector is "positive' and should support industrial metal prices going forward. "The Manufacturing Purchasing Managers' Indices (PMIs) released in recent days have shown a significant improvement worldwide. Among the 20 countries we monitor, only five recorded a decline in the manufacturing PMI, including Germany. On the other hand, countries such as the US and Japan saw a significant increase," they said.

At 1842 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 374.85 a kg, up 1.0%
--Copper was at INR 1,288.25 a kg, up 0.9%
–-LEAD was at INR 200.10 a kg, up 0.3%
–-Zinc was at INR 345.45 a kg, up 0.9%

--NICKEL was at INR 1,866.80 a kg, up 0.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 364.80-INR 379.50

--Copper contract seen at INR 1,263.90-INR 1,307.00
--Lead contract seen at INR 198.60-INR 201.50

--Zinc contract seen at INR 338.60-INR 351.00

--Nickel contract seen at INR 1,820.00-INR 1,920.00

End

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

Edited by Deepshikha Bhardwaj

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