Informist, Tuesday, Aug. 19, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India fell Tuesday because of a sharp rise in the rupee against the dollar. Market sentiment was also hurt after the US extended a 50% import levy on more derivative products of steel and aluminium by adding aluminium to the list of goods subject to the levies.

The rupee surged above 87 per dollar Tuesday and ended at a three-week high of 86.9550 against the dollar. When the rupee appreciates against the dollar, prices of rupee-denominated base metals fall.

"ALUMINIUM prices extended losses, partly reflecting expectations of higher Russian supply, should progress be made in talks over the Ukraine war," Kotak Securities said in a report. Meanwhile, production of refined copper in China fell slightly to 1.27 million tonnes in July from June's record levels, as authorities intensified efforts to curb industrial overcapacity, the report said.

"The decline marks a potential shift for smelters facing negative treatment charges, shrinking margins, despite copper's strategic importance," it added. Market participants are now waiting for the US Federal Reserve's Jackson Hole symposium, where Fed Chair Jerome Powell's remarks will be closely monitored.

China's industrial production growth slowed to 5.7% on year in July from 6.8% in June, according to data from the National Bureau of Statistics, further weighing on market sentiment. China is the top consumer and producer of industrial metals and weak economic growth in the country could hurt demand for metals.

At 1828 IST, on the MCX, the August futures contract of:
-–Aluminium was at INR 249.70 a kg, down 0.9%
–-Copper was at INR 877.15 a kg, down 0.6%

–-Lead was at INR 178.90 a kg, down 0.2%
–-Zinc was at INR 264.35 a kg, down 0.6%

The September futures contract of nickel was at INR 1,321.00, down 0.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 245.70-INR 253.70
--Copper contract seen at INR 869.20-INR 888.40
--Lead contract seen at INR 177.40-INR 180.40
--Zinc contract seen at INR 259.60-INR 268.40

--Nickel contract seen at INR 1,305.00-INR 1,335.00

End

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

Edited by Avishek Dutta

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