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Informist, Thursday, Jul. 9, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India rose on Thursday, tracking a rise in contracts on the London Metal Exchange because of a fall in the dollar index. Improving risk appetite amid easing of crude oil prices also supported market sentiment. Traders are now waiting for China's trade balance data, due early Tuesday, for further cues on demand in the top metal-consuming nation.

 

"LME base metals traded higher, led by copper and zinc, which gained more than 2% as improving risk appetite outweighed renewed geopolitical tensions in the Middle East (West Asia)," Kotak Securities said in a report. "Copper rebounded to around $13,430/ton after a two-day decline, supported by resilient market sentiment despite lingering concerns over higher energy prices and the prospect of tighter US monetary policy," the report said.

 

ZINC prices rose due to persistent supply disruptions at Glencore's Kazzinc facility in Kazakhstan and Nexa's Cajamarquilla smelter in Peru. Declining inventories at warehouses monitored by the Shanghai Futures Exchange also supported prices, reinforcing tight physical market conditions, the report said.

 

Meanwhile, minutes of the US Fed's policy meeting in June showed policymakers were split on the future of interest rates, with officials offering competing cases for hikes or cuts. The meeting summary provided little information on where policymakers stand for the future, noting that decisions would be made based on "incoming information."

 

"Resilient manufacturing activity across China, Europe, and the US continued to support demand expectations. However, stronger producer-price inflation in China highlighted rising input costs amid uneven domestic demand, suggesting that while supply fundamentals remain supportive, macroeconomic uncertainty and geopolitical risks are likely to keep price volatility elevated," Kotak Securities said.

 

At 1855 IST, on the MCX, the July futures contract of:

--ALUMINIUM was at INR 339.80 a kg, up 0.7%
--COPPER was at INR 1,283.70 a kg, up 1.2%
–-LEAD was at INR 200.10 a kg, up 0.5%
–-Zinc was at INR 375.95 a kg, up 1.9%

--NICKEL was at INR 1,592.10 a kg, up 1.6%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 336.00-INR 343.00

--Copper contract seen at INR 1,270.00-INR 1,300.00
--Lead contract seen at INR 198.00-INR 202.00

--Zinc contract seen at INR 372.00-INR 378.00

--Nickel contract seen at INR 1,580.00-INR 1,650.00

 

End

 

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

 

Edited by Avishek Dutta

 

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