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Informist, Thursday, May 7, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India Thursday, tracking a rise in contracts on the London Metal Exchange because of a weaker dollar. Market sentiment was lifted as hopes of a deal between the US and Iran improved risk appetite and eased concern about inflation.

 

US-based news website Axios reported Wednesday that the US and Iran were nearing an agreement on a one-page memorandum of understanding to end the war and set a framework for more detailed negotiations on the nuclear question. US President Donald Trump Wednesday said Washington had "very good talks" with Tehran in the last 24 hours, adding, "We're in good shape, and now we're doing well, and we have to get what we have to get." Iran is expected to respond Thursday to the US proposal to end the war, moving closer to an agreement on a short memorandum, CNN reported, citing sources.

 

"The move (in metals) reflects reduced concern that higher energy prices will weigh on global manufacturing activity," analysts at ING said in a report. "However, supply risks have not fully disappeared," they added. Traffic through the Strait of Hormuz remains disrupted, while supply issues from the Persian Gulf continue to affect parts of the metal chain, including aluminium flows and sulphuric acid availability for copper production.

 

COPPER prices are likely to be driven by the balance between geopolitical headlines and underlying demand concerns. A sustained de-escalation would support risk appetite and ease cost pressures, but any renewed disruption around Hormuz would keep supply risks in focus, the ING analysts said.

 

At 1931 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 366.40 a kg, down 1.0%
--Copper was at INR 1,313.30 a kg, up 0.4%
–-LEAD was steady at INR 200.30 a kg
–-ZINC was at INR 348.35 a kg, up 0.5%

--NICKEL was at INR 1,815.00 a kg, down 1.1%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 362.00-INR 368.00

--Copper contract seen at INR 1,300.00-INR 1,325.00
--Lead contract seen at INR 198.00-INR 202.00

--Zinc contract seen at INR 343.00-INR 350.00

--Nickel contract seen at INR 1,770.00-INR 1,840.00

 

End

 

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

 

Edited by Rajeev Pai

 

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