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Informist, Monday, Jun. 1, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of aluminium rose on the Multi Commodity Exchange of India and the London Metal Exchange Monday after the US and Iran traded military strikes, raising concerns about supply from West Asia. Copper prices also rose amid growing concerns about tightening global supply, according to analysts.

 

Iranian negotiators will stop exchanging messages with the US through intermediaries and Tehran will fully close the Strait of Hormuz, in retaliation for violations of the ceasefire, CNBC reported, citing Iran's state media Tasnim. "No dialogue will take place" until Israel fully withdraws from occupied areas in Lebanon and stops attacks in both Lebanon and Gaza, according to the report.

 

West Asia accounts for around 9% of global aluminium production and major smelters in the region have already halted or curtailed output amid the war. Global production of primary aluminium fell by over 5% month-to-month to 5.92 million tonnes in April, according to data from the International Aluminium Institute. "Aluminium also gained due to supply shortages caused by the closure of the Strait. On Friday, spot prices pushed to a $97/t premium over the three-month futures on the LME, the highest level since 2007. Combined stockpiles held in exchange warehouses account for less than five days of global supply," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.

 

COPPER futures also rose as the world's largest copper producer, Chile, recorded its lowest output for April in 23 years. "Additionally, increasing copper shipments into the United States ahead of potential import tariffs have heightened concerns over tightening supplies in the global market," brokerage Motilal Oswal Financial Services said in a report.

 

At 1937 IST, on the MCX, the June futures contract of:

--Aluminium was at INR 390.40 a kg, up 1.2%
--Copper was at INR 1,357.50 a kg, up 0.7%
–-LEAD was at INR 207.30 a kg, up 0.2%
–-ZINC was at INR 366.25 a kg, up 0.3%

--NICKEL was at INR 1,829.40 a kg, up 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 386.00-INR 392.00

--Copper contract seen at INR 1,350.00-INR 1,380.00
--Lead contract seen at INR 205.00-INR 209.00

--Zinc contract seen at INR 365.00-INR 369.50

--Nickel contract seen at INR 1,800.00-INR 1,840.00

End

 

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

 

Edited by Saji George Titus

 

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