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Informist, Tuesday, Jul. 7, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange traded in the red Tuesday amid global risk aversion, analysts said. However, aluminium contracts traded higher due to supply tightness in the physical market.

 

ALUMINIUM inventories at warehouses registered with the LME fell 3,125 tonnes to 292,425 tonnes Tuesday. LME inventories have fallen below 300,000 tonnes for the first time since 2022, underscoring limited prompt availability, Kotak Securities said in a report. "Aluminium extended its recovery as tightening physical market conditions outweighed expectations of a gradual supply recovery from the West Asia," it added.

 

Aluminium prices have significantly corrected since the announcement of the peace deal between the US and Iran and the subsequent opening of the Strait of Hormuz. However, the correction appears to be over for the time being, Barbara Lambrecht, commodity analyst at Commerzbank AG said in a report.

 

"At its low point at the end of last week, the base metal – which had seen the sharpest rise in price during the blockade of the Strait of Hormuz – was trading at just over 3,050 USD per tons, which was actually slightly lower than before the start of the war with Iran," Lambrecht said. However, prices have already recovered slightly in the last two days.

 

Market participants await the minutes of US Federal Open Market Committee's latest meeting, slated to be released Wednesday. They will also closely watch China's Consumer Price Index data due early Thursday.

 

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

--Aluminium was at INR 333.00 a kg, up 0.2%
--COPPER was at INR 1,281.00 a kg, down 0.5%
–-LEAD was at INR 197.85 a kg, down 0.4%
–-ZINC was at INR 368.50 a kg, down 0.6%

--NICKEL was at INR 1,570.50 a kg, down 0.2% 

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 329.00-INR 335.00

--Copper contract seen at INR 1,270.00-INR 1,290.00
--Lead contract seen at INR 197.00-INR 200.00

--Zinc contract seen at INR 367.00-INR 375.00

--Nickel contract seen at INR 1,540.00-INR 1,580.00

End

 

US$1 = INR 94.97

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

 

Edited by Deepshikha Bhardwaj

 

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