More Stories

Informist, Thursday, Jun. 11, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of copper fell to a nearly four-week low on the Multi Commodity Exchange of India on Thursday as expectations for tighter monetary policy by the US Federal Reserve and renewed tensions in West Asia weighed on the metal's demand. Market participants now await the May Producer Price Index reading, due later in the day, to gauge the US interest rate trajectory.

 

At 1640 IST, the most active June contract of COPPER was down 0.1% at INR 1,312.00 a kilogram, after falling to a nearly four-week low of INR 1,305.20 a kilogram.

 

The US military said it launched a new wave of strikes on several Iranian targets Wednesday, just hours after President Donald Trump warned of further attacks if a peace agreement wasn't reached. On Thursday, Iran's top joint military command declared the Strait of Hormuz closed for all vessels, including oil tankers and commercial ships, and warned that any ship attempting to pass would be fired upon, Reuters reported. Energy prices have remained elevated due to the war in West Asia, fanning fears of tighter monetary policy, which could curtail economic growth across the globe and, in turn, demand for base metals.

 

However, the fall in copper prices is likely to be limited. "Despite the recent price weakness, underlying supply fundamentals remain supportive," analysts at Kedia Advisory said. Available stocks in LME-registered warehouses have slid 37% to 226,975 tonnes over the past two months, Reuters reported, citing LME data.

 

The fall in prices could also be limited as the demand outlook in China, the largest consumer of the red base metal, is positive. "... the positive longer-term outlook for demand remains intact. Reports earlier this week suggested China is preparing to spend around CNY2tn (2 trillion Chinese Yuan) over the next five years on building data centres across the country," Daniel Hynes, senior commodity strategist at ANZ, said in a note.

 

Major institutions, including Goldman Sachs and Citi, have raised their medium-term copper price forecasts, citing tighter global supply conditions and stronger demand expectations. Goldman Sachs has raised its year-end copper price forecast by more than 10%, now expecting copper to reach $13,735 per tonne, up from its previous estimate of $12,465 per tonne.

 

Meanwhile, Citi also raised its price outlook, forecasting copper to reach $14,500 per tonne this month and $15,000 per tonne within the next year.

 

At 1640 IST, on the MCX, the June futures contract of:

--Aluminium was at INR 372.35 a kg, up 0.3%
--COPPER was at INR 1,312.00 a kg, down 0.1%
–-LEAD was at INR 204.75 a kg, up 0.1%
–-ZINC was at INR 358.75 a kg, down 0.1%

--NICKEL was at INR 1,687.50 a kg, down 1.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 368.00-INR 375.00

--Copper contract seen at INR 1,290.00-INR 1,330.00
--Lead contract seen at INR 202.00-INR 206.00

--Zinc contract seen at INR 345.00-INR 372.00

--Nickel contract seen at INR 1,650.00-INR 1,720.00

End

 

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

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.