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Informist, Friday, Jun. 27, 2025

By Ashutosh Pati

NEW DELHI – Futures contracts of copper fell on the Multi Commodity Exchange of India and the London Metal Exchange Friday as traders resorted to profit booking after the sharp gains in prices this week, analysts said.

Sharp gains in the rupee against the dollar also weighed on copper prices on the MCX, they said. 

The rupee logged its biggest weekly rise in over two years and ended at a three-week high against the dollar Friday at 85.4750. When the rupee appreciates against the dollar, it makes the domestic market prices cheaper as the metal is priced in rupee terms.

However, the downside in prices was limited by a fall in inventories at warehouses registered with the London Metal Exchange. COPPER stocks fell by 19,264 tonnes on week to 81,550 tonnes in the week ended Friday.

COPPER prices surged over 1% this week because of dwindling copper inventories globally as traders are moving the metal to the US, ahead of any potential tariffs on the metal. US President Donald Trump had ordered the US Commerce Department in February to investigate the threat that copper imports pose to 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.

"The race to get copper to the US before tariffs are introduced has tightened markets elsewhere. COMEX copper futures continue to trade at a large premium to the LME and the SHFE (Shanghai Futures Exchange), incentivising the shipment of the metal to the US," analysts at ING said in a report. "We believe copper prices are likely to stay supported, at least for now, if the LME stocks withdrawals continue. However, US tariffs being implemented on copper would be bearish for copper prices, with the wave of copper rushing to the US likely to stop, at least for a while," they added.

ZINC and LEAD prices traded in the red due to a rise in stocks at Shanghai Futures Exchange-monitored warehouses. Zinc stocks rose by 769 tonnes on week to 43,633 tonnes in the week ended Friday and lead inventories rose by 638 tonnes to 51,929 tonnes.

At 1830 IST, on the MCX, the July futures contract of:

-–ALUMINIUM was at INR 247.90 a kg, down 0.1%

–-Copper was at INR 887.65 a kg, down 0.9%

–-Lead was at INR 180.05 a kg, down 0.3% 

–-Zinc was at INR 258.65 a kg, down 0.5%

Trading levels for the day on the MCX:

--Aluminium contract seen at INR 243.50-INR 250.70

--Copper contract seen at INR 878.00-INR 900.00

--Lead contract seen at INR 178.90-INR 181.10

--Zinc contract seen at INR 252.90-INR 262.80

End

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

Edited by Saji George Titus

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