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Informist, Monday, May 18, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India rose Monday, tracking a rise in contracts on the London Metal Exchange because of a fall in the dollar index. However, the gains in price were capped as a sharp rise in crude oil prices stoked concern about inflation and higher interest rates, which could weigh on global economic growth.

Deteriorating demand signals from China also weighed on market sentiment, according to Kotak Securities. "China's latest economic data reinforced concerns over slowing industrial activity, with April retail sales rising just 0.2% y/y, industrial production slowing to 4.1%, and fixed asset investment contracting 1.6% during Jan-Apr, all missing market expectations," the brokerage said.

The weak economic data from the largest consumer of metals highlighted mounting pressure on demand amid rising energy costs. "Copper extended its retreat from a record high close, as US inflation reduce the chance of a rate cut," Daniel Hynes, a senior commodity strategist at ANZ Research, said in a note. "The higher prices have also started to deter buying in China, with local fabricators seeing orders weaken in recent weeks," Hynes said.

Meanwhile, hopes an agreement to end the war between the US and Iran dimmed with US President Donald Trump warning Tehran that the "clock is ticking" for a peace deal. "They better get moving", or "there won't be anything left of them," he warned.

"Going forward, persistent energy disruptions and inflationary pressures continue supporting higher production costs and supply tightness across metals, while weaker Chinese demand, dollar strength and tighter monetary policy expectations may cap near-term upside momentum," Kotak said.

At 2002 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 381.90 a kg, up 0.8%
--Copper was at INR 1,349.95 a kg, up 0.6%
–-LEAD was at INR 202.50 a kg, up 0.1%
–-ZINC was at INR 366.00 a kg, up 0.8%

The June futures contract of NICKEL was at INR 1,795.80 a kg, up 0.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 377.00-INR 385.00

--Copper contract seen at INR 1,325.00-INR 1,350.00
--Lead contract seen at INR 200.00-INR 205.00

--Zinc contract seen at INR 360.00-INR 370.00

--Nickel contract seen at INR 1,760.00-INR 1,850.00

End

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

Edited by Akul Nishant Akhoury

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