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Informist, Wednesday, May 6, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India, tracking a rise in contracts on the London Metal Exchange because of a sharp fall in the dollar after reports said the US and Iran are nearing an agreement on a one-page memorandum of understanding to end the war. ALUMINIUM prices, however, fell after the recent surge due to supply disruptions in the Persian Gulf.

 

The US is nearing an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations, US-based news website Axios reported, citing two US officials and two other sources briefed on the matter. Washington expects Iran to respond on several key points in the next 48 hours, the report said.

 

"LME base metals rallied broadly on Wednesday as reports of the US memorandum of understanding with Iran lifted market sentiment and drove a sharp recovery across the complex," Kotak Securities said in a report. COPPER prices rose as easing geopolitical risk reduced fears of a prolonged energy shock that could crimp global manufacturing activity, the brokerage said.

 

The main risk for metals remains a prolonged closure of the Strait of Hormuz. "That would lift energy costs, add inflation pressure and weigh on manufacturing demand, limiting upside for industrial metals," ING analysts said in a note. Copper prices are likely to stay "headline-driven" with stronger physical demand or inventory drawdowns needed for a more sustained move higher, they said.

 

At 1817 IST, on the MCX, the May futures contract of:

--Aluminium was at INR 370.05 a kg, down 1.2%
--Copper was at INR 1,307.60 a kg, up 1.6%
–-LEAD was at INR 201.00 a kg, up 0.4%
–-ZINC was steady at INR 345.70 a kg

--NICKEL was at INR 1,871.50 a kg, up 0.2%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 366.00-INR 374.00

--Copper contract seen at INR 1,290.00-INR 1,320.00
--Lead contract seen at INR 199.00-INR 203.00

--Zinc contract seen at INR 342.00-INR 350.00

--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 Saji George Titus

 

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