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Informist, Wednesday, Jul. 8, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange and the London Metal Exchange fell Wednesday after US President Donald Trump said the memorandum of understanding with Iran was over. This led to a surge in crude oil prices, renewing concerns about inflation and global economic growth. However, aluminium continued to rise amid falling stocks.

Market participants now await minutes of the US Federal Open Market Committee's last meeting, due later in the day, for fresh cues on the interest rate trajectory under new chair Kevin Warsh.

"To me, I think it's over. I don't want to deal with them anymore. They're scum... They're led by sick people... I'll speak to our negotiators," Trump said at a summit of the North Atlantic Treaty Organization in Turkey. "They want to negotiate — they're good people... but they have to come back to me. As far as I'm concerned, it's just a waste of time dealing with them," he said.

"Copper remained under pressure as the collapse of the US-Iran ceasefire framework intensified concerns over global growth, higher energy costs, and weaker industrial demand," Kotak Securities said in a report.

ALUMINIUM prices rose as renewed tensions in West Asia could pose a risk to supply if the Strait of Hormuz is shut again. The region accounts for around 9% of global aluminium supply. "In contrast, aluminium continued to outperform, supported by LME inventories falling to their lowest since 2022 and sharply declining Chinese stockpiles amid steady restocking demand," Kotak Securities said.

The brokerage added that market sentiment is likely to remain split in the near term, with macroeconomic uncertainty weighing on demand-sensitive metals, while tightening inventories and potential supply disruptions continue to provide firm support to aluminium. 

At 1902 IST, on the MCX, the July futures contract of:

--Aluminium was at INR 338.00 a kg, up 1.4%
--COPPER was at INR 1,264.25 a kg, down 0.9%
–-LEAD was at INR 198.50 a kg, up 0.2%
–-ZINC was steady at INR 368.20 a kg

--NICKEL was at INR 1,572.90 a kg, up 0.4%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 335.00-INR 341.00

--Copper contract seen at INR 1,250.00-INR 1,278.00
--Lead contract seen at INR 197.00-INR 200.00

--Zinc contract seen at INR 365.00-INR 371.00

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

End

Edited by Avishek Dutta

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