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Informist, Friday, May 22, 2026

 

Reshma Ravi

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange Friday amid concerns about tightening supplies. However, price gains could be capped by uncertainty over ongoing US-Iran negotiations and rising expectations of a US Federal Reserve interest rate hike.

 

Chile revised its copper production outlook lower, now expecting output to decline 2% this year compared to an earlier growth forecast, highlighting persistent supply-side constraints, analysts at Kedia Advisory said. "Recent earnings updates from major mining companies indicated that expected supply additions this year may fall short of market estimates, keeping the copper concentrate market tight," SMC Global Securities said in a report.

 

COPPER prices also rose on hopes that the artificial intelligence-centred investment will stoke strong demand for key metals such as copper in China, Daniel Hynes, a senior commodity analyst at ANZ Research, said in a note.

 

However, price gains are likely to be capped due to uncertainty about the ongoing US-Iran negotiations. "Tehran indicated the latest US proposal helped narrow differences between both sides, though reports that Iran's Supreme Leader ordered enriched uranium stockpiles to remain domestically complicated discussions over dismantling the nuclear programme," analysts at Kedia Advisory said.

 

Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad, Reuters reported, hardening Tehran's stance on one of the main US demands at peace talks. Increasing expectations of an interest rate hike due to hawkish remarks from US Federal Reserve officials are also likely to cap gains. 

 

At 1643 IST, on the MCX, the May futures contract of:

--ALUMINIUM was at INR 387.40 a kg, up 0.2%
--Copper was at INR 1,348.20 a kg, up 0.2%
–-LEAD was at INR 203.00 a kg, down 0.1%
–-ZINC was at INR 369.70 a kg, up 0.6%

 

The June futures contract of NICKEL was at INR 1,822.40 a kg, up 0.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 384.00-INR 390.00

--Copper contract seen at INR 1,335.00-INR 1,365.00
--Lead contract seen at INR 201.00-INR 205.00

--Zinc contract seen at INR 366.00-INR 372.00

--Nickel contract seen at INR 1,780.00-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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