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Informist, Wednesday, May 27, 2026

 

By Ashutosh Pati

MUMBAI – Futures contracts of aluminium fell on the Multi Commodity Exchange of India and the London Metal Exchange Wednesday as a possibility of a peace deal between the US and Iran that could reopen the Strait of Hormuz eased concerns about supply tightness. Prices of all base metals edged lower on the domestic bourse, as traders booked profits amid the expiry of the monthly futures contracts.

 

ALUMINIUM prices have risen around 13% since the war in West Asia began and the Strait of Hormuz was shut, as the region accounts for around 9% of global aluminium output.

 

Iran's state media said it had obtained the draft of an initial, unofficial framework for a memorandum of understanding to end the war, according to Reuters. The framework stated Iran would restore shipping through the Strait of Hormuz to pre-war levels within a month, while the US would withdraw its military forces from the region and lift the naval blockade, the report said.

 

Higher aluminium prices in recent weeks have prompted some Chinese smelters to ramp up production, but this has caused the nation's aluminium smelters to exceed the mandated capacity cap, according to Daniel Hynes, senior commodity strategist at ANZ Research. "Official data show China's daily aluminium output rose to a record 129kt (129,000 tonnes) last month, which led authorities to rein in over-production. A smelter in Baise, Guangxi, has cut production of molten aluminium," Hynes added.

 

At 1958 IST, on the MCX, the June futures contract of:

--Aluminium was at INR 384.50 a kg, down 0.9%
--COPPER was at INR 1,350.10 a kg, down 0.5%
–-LEAD was at INR 206.55 a kg, down 0.4%
–-ZINC was at INR 365.10 a kg, down 0.7%

--NICKEL was at INR 1,812.00 a kg, down 0.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 374.00-INR 390.00

--Copper contract seen at INR 1,345.00-INR 1,370.00
--Lead contract seen at INR 205.00-INR 209.00

--Zinc contract seen at INR 365.00-INR 371.00

--Nickel contract seen at INR 1,800.00-INR 1,830.00

End

 

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

 

Edited by Saji George Titus

 

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