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Informist, Wednesday, Jul. 1, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India edged lower Wednesday, tracking a fall in contracts on the London Metal Exchange due a rise in the dollar index. Market sentiment was also hurt due to rising expectations of interest rate hikes by the US Federal Reserve this year.

 

COPPER prices fell as markets awaited the US Commerce Department's review of refined copper imports, a key catalyst that could reshape global trade flows through potential import tariffs, Kotak Securities said in a report. Tuesday was the deadline for US Secretary of Commerce Howard Lutnick's report on the possible introduction of a 15% tariff on refined copper. The imposition of the tariff would trigger a surge in demand in the country, according to analysts. However, the tariff could also be ruled out or postponed again. 

 

ALUMINIUM prices continued the recent correction amid unwinding of the geopolitical risk premium from the West Asia war. The gradual normalisation of trade through the Strait of Hormuz and rising production in China and Indonesia are adding pressure on prices. "The metal is on track for its steepest monthly decline since 2008, reversing much of the earlier rally driven by fears of supply disruptions in the Middle East (West Asia)," analysts at ING Economics said in a report.

 

"Positioning turned less supportive. LME aluminium speculative net longs fell for a third straight week to 68,814 lots in the week ending 26 June. This is the lowest since May 2021, as short positions rose sharply amid easing concerns over the Strait of Hormuz," the analysts said.

 

At 1840 IST, on the MCX, the July futures contract of:

--Aluminium was at INR 327.40 a kg, down 0.7%
--Copper was at INR 1,264.75 a kg, down 0.4%
–-LEAD was steady at INR 196.90 a kg
–-ZINC was at INR 362.20 a kg, down 0.6%

--NICKEL was at INR 1,580.50 a kg, down 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 324.00-INR 330.00

--Copper contract seen at INR 1,255.00-INR 1,275.00
--Lead contract seen at INR 195.00-INR 198.00

--Zinc contract seen at INR 359.00-INR 366.00

--Nickel contract seen at INR 1,560.00-INR 1,600.00

End

 

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

 

Edited by Akul Nishant Akhoury

 

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