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Informist, Thursday, Jun. 4, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals fell on the Multi Commodity Exhange of India and the London Metal Exchange Thursday as a pullback in global equities hurt bullish sentiments, according to analysts. Copper contracts, however, rose on both bourses owing to a fall in inventories at warehouses registered with the LME.

 

"Base metals have surrendered part of their recent gains after a strong start to June, as improving geopolitical sentiment and a pullback in global equities tempered bullish momentum. Copper remains the standout performer, holding near the psychologically important $14,000/ton level despite broader weakness across the metals complex," Kotak Securities said in a report.

COPPER prices also rose amid strong demand from artificial intelligence-related sectors. A rise in shipments to the US due to fears of tariffs on the metal has constrained supply outside the country, lending further support to prices. Copper inventories at warehouses registered with the LME fell by 2,575 tonnes to 381,675 tonnes.

 

"Copper traders are on alert over possible US tariffs on refined copper. The US administration is due to release its finding on a review of the copper market by the end of the month," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "One possible outcome is the re-application of tariffs on refined metal imports. Those concerns have lifted US imports in recent weeks," Hynes said.

 

ALUMINIUM prices fell as the ceasefire between Israel and Lebanon eased concern about supply disruptions from West Asia. The region acounts for about 9% of global output of the metal and the war has disrupted supplies. "Nevertheless, the medium-term outlook remains constructive. Tightening supply conditions, constrained aluminium availability, and ongoing uncertainty surrounding US copper tariff policies continue to support prices," Kotak Securities said.

 

At 1844 IST, on the MCX, the June futures contract of:

--Aluminium was at INR 388.85 a kg, down 1.1%
--Copper was at INR 1,374.80 a kg, up 0.5%
–-LEAD was at INR 206.80 a kg, down 0.2%
–-ZINC was at INR 371.50 a kg, down 0.6%

--NICKEL was at INR 1,811.00 a kg, down 0.6%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 387.00-INR 392.00

--Copper contract seen at INR 1,360.00-INR 1,385.00
--Lead contract seen at INR 204.00-INR 208.00

--Zinc contract seen at INR 367.00-INR 374.00

--Nickel contract seen at INR 1,780.00-INR 1,840.00

 

End

 

US$1 = INR 95.78

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

 

Edited by Rajeev Pai

 

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