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Informist, Tuesday, May 12, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose Tuesday as market participants balance tight supply conditions with uncertainty around peace deal negotiations between the US and Iran, according to analysts.

 

COPPER prices drew support from declining inventories in China and persistent global supply tightness. "Copper gained 0.2% to $13,969 per tonne (on LME) after recording a fresh all-time closing high in the previous session and is now up nearly 12% since end-2025," Kotak Securities said in a report. However, China's physical market seems to be under pressure as reports indicate over half of spot copper transactions are facing delays or defaults, especially among smaller traders, the brokerage said.

 

ALUMINIUM continues to be supported by the ongoing supply disruption from West Asia, a region that accounts for around 9% of global aluminium output. Robust demand from electric vehicles and data centres also aided prices.

 

"Overall, supply-side constraints continue to provide broad support to the base metals complex," Kotak said. 

 

Meanwhile, hopes of a peace deal between the US and Iran are fading and have pushed up crude oil prices and raised concerns about inflation and global economic growth. US President Donald Trump said the ceasefire with Iran looks difficult to sustain, calling Tehran's response to the US's peace proposal "a piece of garbage." He said Iran was playing games with the world and the US for a long time, and labelled Tehran's response "unserious."

 

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

--Aluminium was at INR 377.75 a kg, up 0.5%
--Copper was at INR 1,380.00 a kg, up 0.8%
–-LEAD was at INR 203.60 a kg, up 0.3%
–-ZINC was at INR 363.20 a kg, up 2.1%

--NICKEL was at INR 1,822.50 a kg, down 0.6%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 374.00-INR 380.00

--Copper contract seen at INR 1,370.00-INR 1,390.00
--Lead contract seen at INR 202.00-INR 205.00

--Zinc contract seen at INR 355.00-INR 365.80

--Nickel contract seen at INR 1,780.00-INR 1,860.00

End

 

US$1 = INR 95.63

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

 

Edited by Avishek Dutta

 

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