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Informist, Monday, Jun. 8, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange Monday due to strong demand from China as reflected in a sharp fall in inventories at warehouses monitored by the Shanghai Futures Exchange. However, the rise in copper prices was capped as stronger-than-expected US jobs data boosted hopes of a rate hike by the US Federal Reserve this year.

 

COPPER stocks at warehouses monitored by the Shanghai Futures Exchange fell by 6,902 tonnes to 169,512 tonnes in the week ended Friday, reaching the lowest level of this year. This highlights resilient demand from China's electrification and infrastructure sectors, Kotak Securities said in a report. Moreover, a rise in copper shipments to the US ahead of potential tariffs has tightened supply of the metal outside the US, also providing support to prices.

 

However, market sentiment remains weighed down by rising energy prices and concerns about inflation. Stronger-than-expected US jobs data released Friday has boosted hopes of an interest rate hike by the US Federal Reserve this year. US non-farm payrolls rose by 172,000 in May, against expectations of an 85,000 increase.

 

"Overall, while macroeconomic and geopolitical risks continue to temper sentiment, underlying supply tightness and resilient Chinese demand remain positive for the base metals complex," Kotak said.

 

At 1806 IST, on the MCX, the June futures contract of:

--Aluminium was steady at INR 384.30 a kg
--Copper was at INR 1,342.55 a kg, up 0.5%
–-LEAD was steady at INR 206.50 a kg
–-ZINC was at INR 365.40 a kg, up 0.1%

--NICKEL was at INR 1,781.00 a kg, up 0.6%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 380.00-INR 388.00

--Copper contract seen at INR 1,320.00-INR 1,350.00
--Lead contract seen at INR 205.00-INR 208.00

--Zinc contract seen at INR 362.00-INR 368.00

--Nickel contract seen at INR 1,740.00-INR 1,810.00

End

 

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

 

Edited by Deepshikha Bhardwaj

 

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