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Informist, Tuesday, Aug. 5, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper fell on the Multi Commodity Exchange of India, tracking a fall in contracts on the London Metal Exchange because of a rise in the dollar. Market sentiment was also hurt by a sharp rise in copper inventories at warehouses registered with the LME.

At 1936 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.3% at 99.01. A stronger dollar makes dollar-denominated commodities such as copper expensive for those holding other currencies, denting demand.

COPPER inventories at LME-accredited warehouses rose by 14,275 tonnes to 153,850 tonnes. ALUMINIUM stocks rose by 2,300 tonnes to 466,025 tonnes. ZINC stocks fell by 4,725 tonnes to 92,275 tonnes and LEAD inventories fell by 1,250 tonnes to 272,975 tonnes.

However, the fall in copper prices was limited by concern about supply from Chile. Chilean state-run miner Codelco reduced copper extraction operations at its El Teniente mine after an earthquake killed six workers last week. Codelco is the world's biggest copper miner, and Chile supplies about a quarter of the world's red metal.

"Supply, meanwhile, remains constrained by underinvestment and recent disruptions--including a mining accident in Chile. As a result, copper prices are likely to remain volatile but biased higher, supported by both near-term momentum and long-term structural tailwinds," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note to clients.

At 1942 IST, on the MCX, the August futures contract of:
-–Aluminium was at INR 252.10 a kg, up 0.3%
–-Copper was at INR 881.00 a kg, down 0.7%
–-Lead was at INR 179.60 a kg, down 0.1%
–-Zinc was at INR 265.50 a kg, up 0.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 248.90-INR 254.80
--Copper contract seen at INR 871.40-INR 898.50
--Lead contract seen at INR 178.60-INR 181.00
--Zinc contract seen at INR 262.10-INR 271.10

End

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

Edited by Rajeev Pai

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