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Informist, Thursday, Jun. 18, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of copper fell on the Multi Commodity Exchange of India and the London Metal Exchange Thursday as the US Federal Reserve signalled the possibility of interest rate hikes by the end of the year. Prices also fell as the rupee strengthened against the dollar.

 

Nine of the US central bank's 19 policymakers now believe they will need to raise the policy rate this year, according to projections published Wednesday after the Fed announced its decision to leave the policy rate in its current 3.50-3.75% range in Kevin Warsh's debut policy meeting as chair.

 

The rupee ended 0.2% higher at 94.3325 against the dollar Thursday. When the rupee appreciates against the dollar, prices of rupee-denominated base metals fall.

 

COPPER prices also fell on easing supply concerns after British-Australian mining group Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia following a brief protest-related disruption. Oyu Tolgoi is among the world's largest copper mines and remains central to Rio Tinto's strategy to increase production of a metal critical to electrification, the energy transition, and growing demand from data centres.

 

However, the fall in prices is likely to be limited by geopolitical tensions easing after US President Donald Trump signed an interim agreement aimed at ending the Iran conflict and reopening the Strait of Hormuz. Trump signed the agreement on the sidelines of the summit of the Group of Seven developed countries in Versailles, France. Iran's President Masoud Pezeshkian signed the memorandum of understanding remotely, according to media reports. As a first step under the agreement, Iran will immediately reopen the Strait of Hormuz while the US will lift its naval blockade on Iranian ports.

 

"Meanwhile, sharp fall in prices may be cushioned on ongoing concerns about US import tariffs and persistent decline in inventory at LME registered warehouses," ICICI Direct said in a report. 

 

At 1602 IST, on the MCX, the June futures contract of:

--ALUMINIUM was at INR 357.20 a kg, down 0.4%
--Copper was at INR 1,322.80 a kg, down 1.2%
–-LEAD was at INR 203.70 a kg, down 0.7%
–-ZINC was at INR 368.05 a kg, down 0.6%

 

The July futures contract of NICKEL was at INR 1,706.20 a kg, down 1%.

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 354.00-INR 360.00

--Copper contract seen at INR 1,310.00-INR 1,335.00
--Lead contract seen at INR 202.00-INR 205.00

--Zinc contract seen at INR 363.00-INR 372.00

--Nickel contract seen at INR 1,680.00-INR 1,750.00

 

End

 

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

 

Edited by Rajeev Pai

 

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