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Informist, Tuesday, Jun. 2, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Tuesday, with copper rising sharply due to tightening supplies outside the US amid concerns around potential US tariffs on refined copper. Aluminium prices extended gains due to supply worries from West Asia.

"The widening premium between COMEX and LME copper prices has accelerated metal flows into the US, tightening availability across international markets and strengthening concerns over an increasingly constrained supply backdrop," Kotak Securities said in a report.

The US commerce secretary has until Jun. 30 to give an updated recommendation to US President Donald Trump on tariffs for refined copper, according to reports. "This could see renewed flows of the metal to US ports just as supply side issues mount in the market," Daniel Hynes, senior commodity strategist at ANZ Research said in a note.

Falling production in Chile, the world's top copper producer, is further amplifying supply concerns. Chile recorded its lowest output for April in 23 years. Further, the disruption to supplies of sulphuric acid from West Asia has also put at risk around 20% of global copper supply which is produced through acid-intensive solvent extraction and electrowinning processes, Hynes said. 

At 2006 IST, on the MCX, the June futures contract of:

--ALUMINIUM was at INR 394.55 a kg, up 0.6%
--Copper was at INR 1,383.00 a kg, up 1.3%
–-LEAD was steady at INR 207.50 a kg
–-ZINC was at INR 374.40 a kg, up 1.8%

--NICKEL was at INR 1,854.00 a kg, up 0.8%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 392.00-INR 398.00

--Copper contract seen at INR 1,360.00-INR 1,390.00
--Lead contract seen at INR 205.00-INR 208.00

--Zinc contract seen at INR 370.00-INR 375.00

--Nickel contract seen at INR 1,820.00-INR 1,870.00

End

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

Edited by Deepshikha Bhardwaj

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