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Informist, Friday, Jul. 10, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India Friday due to declining inventories in China. However, the rise in copper prices was limited due to expectation of a tighter monetary policy in the US. Traders are now waiting for China's trade balance data, due early Tuesday, for further cues on demand in the top metal-consuming nation. They will also closely watch US CPI data due Tuesday for further cues on the interest rate trajectory under new Fed Chair Kevin Warsh.

 

COPPER inventories at warehouses monitored by the Shanghai Futures Exchange fell by 22,406 tonnes week-on-week to 100,271 tonnes in the week ended Friday. Similarly, ALUMINIUM stocks fell by 24,229 tonnes to 481,685 tonnes in the week ended Friday. ZINC stocks rose by 952 tonnes to 152,228 tonnes and LEAD inventories rose by 858 tonnes to 70,107 tonnes, weighing on prices.

 

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."

 

Copper July futures on the domestic bourse is expected to face resistance near INR 1,304 and dip towards INR 1,280 on a firm dollar and expectation of tighter monetary policy, according to a report by ICICI Securities. Meanwhile, prices may find support on declining LME inventory levels, the report said.

 

At 1652 IST, on the MCX, the July futures contract of:

--Aluminium was at INR 338.00 a kg, down 1.7%
--Copper was at INR 1,294.50 a kg, up 0.1%
–-Lead was at INR 200.25 a kg, down 0.3%
–-Zinc was at INR 373.80 a kg, down 0.6%

--Nickel was at INR 1,589.00 a kg, down 0.2%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 334.00-INR 341.00

--Copper contract seen at INR 1,280.00-INR 1,305.00
--Lead contract seen at INR 198.00-INR 202.00

--Zinc contract seen at INR 370.00-INR 376.00

--Nickel contract seen at INR 1,580.00-INR 1,660.00

End

 

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

 

Edited by Avishek Dutta

 

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