India Base Metals
Most up; copper trading near 4-mo high amid tight supply
This story was originally published at 18:14 IST on 2 July 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of most base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Wednesday amid signs of strong demand from China. Copper prices are trading near a four-month high as global stocks deplete.
China's Caixin manufacturing Purchasing Managers' Index rose to 50.4 in June from 48.3 in May, beating analysts' expectations in a Reuters poll. A reading below 50 indicates a contraction in economic activity while a number above 50 signals an expansion. China's official Manufacturing Purchasing Managers' Index also rose to 49.7 in June from 49.5 in May, exceeding market expectations but remained in contraction territory. China is the top producer and consumer of non-ferrous metals and positive economic data could boost demand for the metals in the country.
"An improvement in Chinese manufacturing last month suggests the world's top copper consumer is benefiting from the truce in the US-China trade war," Daniel Hynes, senior commodity strategist at ANZ Research said in a note.
On Tuesday, COPPER prices rose to an almost four-month high of INR 903 per kilogram on the MCX. On the LME, prices briefly touched $10,000 per tonne, driven by tight supply and steady shipments to the US ahead of a pending tariff decision, Kotak Securities said in a report.
US President Donald Trump had ordered the Commerce Department in February to investigate the threat copper imports pose to national security and suggest ways to mitigate it. The mitigation efforts include "potential tariffs, export controls, or incentives to increase domestic production", according to the order.
At 1639 IST, on the MCX, the July futures contract of:
-–ALUMINIUM was steady at INR 249.00 a kg
–-Copper was at INR 901.20 a kg, up 0.3%
–-LEAD was at INR 180.45 a kg, up 0.2%
–-ZINC was at INR 257.10 a kg, up 0.4%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 245.70-INR 252.30
--Copper contract seen at INR 882.00-INR 915.00
--Lead contract seen at INR 178.80-INR 181.50
--Zinc contract seen at INR 251.70-INR 261.00
End
US$1 = INR 85.70
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Nishant Maher
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