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Informist, Thursday, Jul. 2, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India Thursday after recovering from the day's losses, tracking gains in copper contracts on the London Metal Exchange as the dollar fell sharply following the release of US nonfarm payrolls data.

 

Market sentiment was also lifted by declining inventories at LME-registered warehouses. COPPER inventories at LME-registered warehouses fell 2,500 tonnes to 322,350 tonnes Thursday. 

 

Market participants are still awaiting the outcome of the US Commerce Department's review of tariffs on refined copper imports. Tuesday was the deadline for US Secretary of Commerce Howard Lutnick to submit a report on whether to impose a 15% tariff on refined copper imports. According to analysts, the imposition of the tariff would trigger a temporary surge in demand in the US as companies rush to procure refined copper before the tariff takes effect. However, the proposed tariff could be dropped or its implementation postponed again.

 

ALUMINIUM prices continued to decline as trade flows resumed through the Strait of Hormuz and peace talks between the US and Iran fuelled hopes of recovery of supply from the region. Aluminium prices fell 11% in the Apr-Jun and over 16% in June, the biggest monthly decline since the 2008 global financial crisis, according to SMC Global Securities.

 

At 1848 IST, on the MCX, the July futures contract of:

--Aluminium was at INR 327.75 a kg, down 0.4%
--Copper was at INR 1,276.45 a kg, up 0.3%
–-LEAD was steady at INR 196.90 a kg
–-ZINC was at INR 359.55 a kg, down 0.6%

--NICKEL was at INR 1,565.00 a kg, down 0.9%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 324.00-INR 329.00

--Copper contract seen at INR 1,260.00-INR 1,280.00
--Lead contract seen at INR 194.00-INR 197.00

--Zinc contract seen at INR 356.00-INR 362.00

--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 Saji George Titus

 

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