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Informist, Monday, Jun. 22, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Monday as market sentiment was lifted by progress in negotiations between the US and Iran to end the war in West Asia, analysts said. Copper prices also rose as supply remains tight amid declining inventories.

 

The first round of talks between high-ranking US and Iranian officials in Switzerland ended Monday with an Iranian foreign ministry spokesperson saying good progress had been made, Reuters reported, citing Iran's Press TV. Mediators Pakistan and Qatar said the US and Iran made "encouraging progress" on the first day of high-level talks in Switzerland, Al Jazeera reported. They said the US and Iran agreed on "a roadmap for a final deal to be reached within 60 days", as well as a "deconfliction cell" to ensure an end to "military operations in Lebanon". COPPER has been weighed down by prospects that a prolonged war could impact the economy and, subsequently, the demand for base metals.

 

"...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. A review and recommendation to US President Donald Trump by US Commerce Secretary Howard Lutnick on the tariff is due by the end of the month. The US has floated a possible 15% levy on copper imports from the start of 2027, followed by 30% from 2028.

 

"Shanghai Futures Exchange copper stocks fell 23.6% week-on-week to 143,875 tonnes, the lowest level since December, while LME inventories declined to 352,150 tonnes, their lowest level in nearly three months," analysts at Kedia Advisory said. 

 

However, the rise in copper prices is likely to be capped because of the hawkish outlook of the US Federal Reserve. "...prices may slip on concerns that tighter monetary policy in major economies may push borrowing cost higher clouding outlook for global economic growth and industrial metal demands," ICICI Direct said. Nine of the Fed's 19 policymakers believe they will need to raise the policy rate this year.

 

At 1550 IST, on the MCX, the June futures contract of:

--ALUMINIUM was at INR 359.00 a kg, up 0.3%
--Copper was at INR 1,317.20 a kg, up 0.6%
–-LEAD was steady at INR 203.70 a kg
–-ZINC was at INR 368.65 a kg, up 0.6%

 

The July futures contract of NICKEL was at INR 1,702.10 a kg, up 0.3%.

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 355.00-INR 361.00

--Copper contract seen at INR 1,300.00-INR 1,330.00
--Lead contract seen at INR 202.00-INR 206.00

--Zinc contract seen at INR 367.00-INR 371.00

--Nickel contract seen at INR 1,680.00-INR 1,720.00

 

End

 

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

 

Edited by Rajeev Pai

 

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