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Informist, Thursday, Jun. 5, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange Thursday due to tightening global supply. Market sentiment was also boosted by shrinking LME stockpiles, following large withdrawal orders from South Korea and the Netherlands, according to analysts.

US President Donald Trump doubled tariffs on aluminium and steel imports to 50% from Wednesday, raising concerns that tariffs on COPPER would follow. Traders and companies are moving the metal to the US before any such announcement, tightening markets outside the country. In February, Trump had ordered the US Commerce Department to investigate the threat copper imports pose to their national security and suggest ways to mitigate any such threat. The mitigation efforts include "potential tariffs, export controls, or incentives to increase domestic production," according to the order.

"Copper has gained on fresh supply disruption concerns. The metal has been supported by reignited worries of a tariff by the US, after President Trump doubled steel and aluminium import levies to 50% Wednesday," SP Angel analysts were quoted as saying in a Dow Jones note. Moreover, resilient Chinese demand and fresh production setbacks in Chile and the Democratic Republic of Congo have further fuelled bullish sentiment, Kotak Securities said in a report.

Copper miner Teck Resources reported production setbacks at two operations in Chile. "The issues are expected to persist for several months. This comes after supply disruptions in the Democratic Republic of Congo. The Kamo-Kakula copper operation was impacted by seismic activity, which has resulted in flooding of the underground portion of the operation," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.

At 1729 IST, on the MCX, the June futures contract of:

-–ALUMINIUM was at INR 240.55 a kg, down 0.3%

–-Copper was at INR 883.30 a kg, up 0.9%

–-LEAD was at INR 179.40 a kg, down 0.1% 

–-ZINC was at INR 255.35 a kg, down 0.2%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 236.80-INR 245.20

--Copper contract seen at INR 867.70-INR 894.70

--Lead contract seen at INR 177.80-INR 180.80

--Zinc contract seen at INR 251.40-INR 260.70

End

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

Edited by Nishant Maher

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