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Informist, Wednesday, Jun. 24, 2026

By Reshma Ravi

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India fell Wednesday, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar. Market sentiment was also hit due to worries about potential growth headwinds from expected interest rate hikes by the US Federal Reserve later in the year, analysts said.

At 1548 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.3% at 101.67. A stronger dollar makes dollar-denominated commodities, such as base metals, expensive for those holding other currencies, denting demand.

At its latest policy meeting, Fed officials left interest rates unchanged but signalled increasing support for future rate hikes, while new Fed Chair Kevin Warsh reaffirmed his commitment to restore price stability. Higher interest rates dampen the outlook for growth-sensitive industrial metals by increasing borrowing costs and stifling economic activity.

However, the fall in COPPER prices was limited due to strong demand. "..long-term demand projections linked to electrification, grid investment, data centres and artificial intelligence-related power demand remain supportive," Ole Hansen, head of commodity strategy at Saxo Bank, said in a report. China's unwrought copper imports rose 3.2% year-on-year in April to a seven-month high of 452,000 metric tonnes, supported by robust investment in power infrastructure. Power grid spending in China surged 37% during the first quarter of 2026, highlighting continued strength in one of the key copper-consuming sectors, analysts at Kedia Advisory said. 

The fall in prices was also limited due to supply concerns. "Copper stockpiles in LME warehouses have fallen more than 10% this month. Much of this is likely due to strong US imports as consumers look to front-run any potential import tariffs," Daniel Hynes, senior commodity analyst at ANZ Research, said in a note.

At 1546 IST, on the MCX, the June futures contract of:

--ALUMINIUM was at INR 336.65 a kg, down 2.5%
--Copper was at INR 1,270.30 a kg, down 0.9%
–-LEAD was at INR 202.00 a kg, down 0.3%
–-ZINC was at INR 358.15 a kg, down 1.2%

The July futures contract of NICKEL was at INR 1,640.10 a kg, down 2%.

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 330.00-INR 338.00

--Copper contract seen at INR 1,260.00-INR 1,310.00
--Lead contract seen at INR 199.00-INR 203.00

--Zinc contract seen at INR 350.00-INR 360.00

--Nickel contract seen at INR 1,620.00-INR 1,660.00

End

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

Edited by Akul Nishant Akhoury

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