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Informist, Tuesday, Jun. 30, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Tuesday, with copper rising on a fall in output in Chile and declining LME inventories. Market participants will now closely monitor US Federal Reserve Chair Kevin Warsh's speech Wednesday and the US non-farm employment change data due Thursday.

 

COPPER production in Chile, the world's largest producer of the red metal, fell around 13% in May to 423,623 tonnes, according to media reports. Meanwhile, copper inventories at warehouses registered with LME fell by 3,875 tonnes to 329,225 tonnes Tuesday. "Copper July future is expected to find support near (INR) 1,258 and rise towards 1,280 on declining LME inventory and optimistic global market sentiment," ICICI Direct Research said in a report.

 

Meanwhile, Tuesday is the deadline for US Secretary of Commerce Howard Lutnick's report on the possible introduction of 15% tariff on refined copper. "If such a tariff were recommended and US President (Donald) Trump were to announce its introduction from 1 January 2027, this would likely trigger another surge in demand in the US in the second half of the year, particularly as the tariff rate could then rise to 30% in 2028," Barbara Lambrecht, commodity analyst at Commerzbank AG, said in a report.

 

If Trump rules out tariffs, perhaps because companies that require large amounts of copper point to the scarcity of US supply, as they did last year, material could be drawn from COMEX stocks, providing some initial relief. However, the decision could also be postponed again, which would probably have little impact on the market, Lambrecht said.

 

At 1935 IST, on the MCX, the July futures contract of:

--ALUMINIUM was at INR 330.45 a kg, up 0.3%
--Copper was at INR 1,268.50 a kg, up 0.7%
–-LEAD was at INR 197.00 a kg, up 0.6%
–-ZINC was at INR 362.40 a kg, up 1.1%

--NICKEL was at INR 1,607.90 a kg, up 0.3%

 

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

--Copper contract seen at INR 1,258.00-INR 1,275.00
--Lead contract seen at INR 195.60-INR 198.70

--Zinc contract seen at INR 359.30-INR 366.50

--Nickel contract seen at INR 1,581.10-INR 1,609.90

 

End

 

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

 

Edited by Rajeev Pai

 

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