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Informist, Monday, May 11, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India rose Monday because of a sharp fall in the rupee against the dollar. Aluminium prices got additional support due to supply concerns from West Asia and copper prices were aided by supply disruptions in Indonesia.

 

The rupee posted its worst single-day fall in more than six weeks and settled at a record closing low of 95.3100 on Monday. When the rupee depreciates against the dollar, prices of base metals in the domestic market adjust as these are priced in rupees.

 

Meanwhile, peace deal negotiations between the US and Iran have hit a deadlock as US President Donald Trump dismissed Tehran's response, calling it unacceptable. Iran "has been playing games with the United States, and the rest of the World, for 47 years", US President Donald Trump wrote on Truth Social on Sunday. "They will be laughing no longer!" Two hours later, he said on the same platform: "I have just read the response from Iran's so-called ‘Representatives'. I don't like it — TOTALLY UNACCEPTABLE!" Further, Israeli Prime Minister Benjamin Netanyahu said Sunday that the war with Iran is "not over," as Tehran's nuclear ambition needs to be reined in.

 

"Despite ongoing US-Iran tensions, metals stayed resilient as investors focused on tightening supply conditions and declining Chinese inventories," Kotak Securities said in a report. 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.

 

Media reports about delays in production recovery at Indonesia's Grasberg mine also supported prices. "Additional support came from ongoing disruptions in sulphuric acid shipments caused by the Middle East (West Asia) conflict," Kedia Advisory said in a note. "China's decision to suspend sulphuric acid exports from May through at least December further tightened the supply outlook, as sulphuric acid remains a critical input for copper refining operations globally," it said.

 

At 1916 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 374.70 a kg, up 1.7%
--Copper was at INR 1,360.50 a kg, up 2.7%
–-LEAD was at INR 202.80 a kg, up 1.2%
–-ZINC was at INR 353.30 a kg, up 1.5%

--NICKEL was at INR 1,827.90 a kg, up 0.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 370.00-INR 378.00

--Copper contract seen at INR 1,313.60-INR 1,362.00
--Lead contract seen at INR 199.00-INR 203.00

--Zinc contract seen at INR 345.00-INR 355.00

--Nickel contract seen at INR 1,800.00-INR 1,860.00

End

 

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

 

Edited by Saji George Titus

 

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