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Informist, Friday, Jun. 12, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of copper rebounded from three-week lows on the Multi Commodity Exchange of India Friday as rising optimism over a US-Iran peace agreement eased concern about global growth and demand for industrial metals, analysts said.

 

US President Donald Trump Thursday said he cancelled a third consecutive day of strikes on Iran, claiming that a deal with Tehran was close to being finalised and a "time and place of the signing" are "to be announced shortly," Al Jazeera reported. Earlier Thursday, Trump had warned that Iran would be hit "very hard" and that US forces would take Iran's Kharg Island and other oil infrastructure points.

 

The continuing blockade of the Strait of Hormuz because of the conflict in West Asia has weighed on the global economic outlook and, consequently, the demand outlook for COPPER. However, supply issues have been supporting the price of the red base metal, with traders growing increasingly worried about the availability of copper concentrate, Dow Jones reported, quoting ANZ Research analysts.

 

Copper prices also rose because of tightening exchange inventories. "Market sentiment improved after London Metal Exchange copper stocks declined by 31,425 tonnes, or more than 7%, to 369,575 tonnes, marking the lowest level since May 11," analysts at Kedia Advisory said.

 

"Additionally, China is preparing to spend around 2 trillion yuan over the next 5 years on building data centers, supportive for the prices," ICICI Direct said in a report. "Further, prices may rally on ongoing concerns about US import tariffs. Investors are awaiting a recommendation from the US Department of Commerce by the end of the month on possible tariffs on imports of refined copper," it added. 

 

At 1645 IST, on the MCX, the June futures contract of:

--ALUMINIUM was at INR 374.6 a kg, down 0.1%
--Copper was at INR 1,334.05 a kg, up 0.7%
–-LEAD was at INR 205.15 a kg, up 0.6%
–-ZINC was at INR 367.50 a kg, up 0.8%

--NICKEL was at INR 1,702.6 a kg, up 0.4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 370.00-INR 378.00

--Copper contract seen at INR 1,325.00-INR 1,345.00
--Lead contract seen at INR 203.00-INR 207.00

--Zinc contract seen at INR 364.00-INR 371.00

--Nickel contract seen at INR 1,670.00-INR 1,730.00

 

End

 

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

 

Edited by Rajeev Pai

 

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