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Informist, Monday, Jun. 29, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper were steady on the Multi Commodity Exchange of India and the London Metal Exchange as market participants await the China manufacturing purchasing managers index due early Tuesday. Aluminium prices declined as risk premiums continued to fall amid the reopening of the Strait of Hormuz.

 

COPPER prices continue to face pressure due to expectations of an interest rate hike by the US Federal Reserve this year. However, losses in copper have been limited due to concerns about US import tariffs on the metal, which have led traders and companies to ship it to the US, creating a shortage elsewhere. Copper inventories at warehouses monitored by the Shanghai Futures Exchange fell 8,143 tonnes to 135,732 tonnes in the week ended Friday.

 

ALUMINIUM prices are likely to continue their downward trend, as West Asia war risk premiums will fade further as a fragile peace in the region continues to hold, ICICI Direct Research said in a report. "... sharp fall in prices may be cushioned as market is expected to remain in deficit in 2026," the report said. Meanwhile, US President Donald Trump said Iran has requested a meeting, which will take place in Doha Tuesday, after the conflict intensified since Thursday.

 

Market participants will also closely monitor US Fed Chairman Kevin Warsh's speech Wednesday and the US non-farm employment change data due Thursday.

 

At 1800 IST, on the MCX, the July futures contract of:

--ALUMINIUM was at INR 332.20 a kg, down 0.2%
--Copper was steady at INR 1,266.95 a kg
–-LEAD was at INR 198.15 a kg, up 0.3%
–-ZINC was at INR 357.10 a kg, down 0.4%

--NICKEL was at INR 1,606.50 a kg, down 0.9%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 330.00-INR 335.00

--Copper contract seen at INR 1,250.00-INR 1,280.00
--Lead contract seen at INR 196.00-INR 200.00

--Zinc contract seen at INR 354.00-INR 361.00

--Nickel contract seen at INR 1,580.00-INR 1,625.00

End

 

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

 

Edited by Saji George Titus

 

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