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Informist, Wednesday, Jun. 3, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India fell Wednesday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar. The price of copper fell as renewed tensions in West Asia raised concern about inflation and global economic growth.

 

Market sentiment continues to swing between tightening supply and rising geopolitical risks, Kotak Securities said in a report. The fall in COPPER price was limited as supply constraints continued to intensify. "The widening arbitrage between US and international copper prices has accelerated shipments into the US ahead of potential tariff measures, reducing material availability in global markets and reinforcing concerns over tightening balances," the brokerage said.

 

The US commerce secretary has until Jun. 30 to give an updated recommendation to President Donald Trump on tariffs for refined copper, according to reports. Falling production in Chile, the world's top copper producer, is amplifying supply concerns. Moreover, the disruption in 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, according to Daniel Hynes, senior commodity strategist at ANZ Research.

 

The fall in ALUMINIUM prices was also limited by growing worries about the supply from West Asia, which accounts for around 9% of global aluminium production. "...ongoing disruptions across the Persian Gulf, tighter bauxite supply, and historically elevated physical premiums pointed to an increasingly constrained market environment," Kotak Securities said.

 

At 1858 IST, on the MCX, the June futures contract of:

--Aluminium was at INR 393.35 a kg, down 0.4%
--Copper was at INR 1,372.35 a kg, down 0.5%
–-LEAD was steady at INR 207.40 a kg
–-ZINC was at INR 374.40 a kg, up 0.1%

--NICKEL was at INR 1,839.70 a kg, down 0.3%

 

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

--Copper contract seen at INR 1,370.00-INR 1,388.00
--Lead contract seen at INR 205.00-INR 209.00

--Zinc contract seen at INR 373.00-INR 379.00

--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 Rajeev Pai

 

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