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Informist, Friday, May 8, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India rose Friday, tracking a rise in contracts on the London Metal Exchange because of a fall in the dollar index. Copper prices received additional support from strong demand in China.

 

At 2002 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.3% at 97.92. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

COPPER inventories at warehouses monitored by the Shanghai Futures Exchange fell by 10,692 tonnes on week to 181,333 tonnes in the week ended Friday, lending support to prices. However, the rise in copper prices was capped as crude oil prices rose again after the US and Iran exchanged fire in the Strait of Hormuz Thursday, with each blaming the other for initiating the attack.

 

The US military said it intercepted the "unprovoked" Iranian attacks as US ships were heading out of the Persian Gulf through the strait, which is south of Iran, according to media reports. Meanwhile, Iran's military accused the US of violating the ceasefire by targeting its ships, including an oil tanker, that were moving towards the Strait of Hormuz, the BBC reported, citing the Islamic Republic of Iran Broadcasting.

 

Market participants are now waiting for China's trade balance data due Saturday for further cues on demand in the top metal consuming country. They will also take cues from China's CPI data due early Monday.

 

At 2022 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 368.10 a kg, up 0.3%
--Copper was at INR 1,325.40 a kg, up 1.6%
–-LEAD was at INR 200.70 a kg, up 0.3%
–-ZINC was at INR 348.10 a kg, up 0.1%

--NICKEL was at INR 1,819.90 a kg, up 0.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 365.90-INR 371.80

--Copper contract seen at INR 1,298.00-INR 1,338.00
--Lead contract seen at INR 199.20-INR 200.90

--Zinc contract seen at INR 345.20-INR 351.00

--Nickel contract seen at INR 1,787.30-INR 1,832.70

 

End

 

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

 

Edited by Rajeev Pai

 

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