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Informist, Thursday, Aug. 7, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper were steady on the Multi Commodity Exchange of India and the London Metal Exchange Thursday as market participants await key economic data from top consumer China on Saturday.

Market sentiment was weighed down due to fresh tariff threats by US President Donald Trump. Trump Wednesday said he would impose 100% tariff on imports of semiconductors and chips for companies not building in the US. The remarks came after Trump announced that tech giant Apple will invest another $100 billion in the US over the next four years on top of the $500 billion previously pledged.

Trump also announced that India will face an additional 25% tariff for buying oil from Russia and said he will clamp down on other countries importing Russian oil as well.

COPPER prices have risen this week because of concern about supply in key producer 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. "The comprehensive review process could see operations curtailed for months. This comes on the back of other unplanned disruptions, such as the suspension of operations at the Kamoa-Kakula underground mine," analysts at ANZ Research said in a report.

ANZ has raised its short term target for the red metal to $9,700 per tonne, after which it expects prices to stabilise. "Nevertheless, we maintain our view that prices will push above $10,000/tonne over the next 12 months as these supply side issues keep the market relatively tight," the analysts added.

At 1950 IST, on the MCX, the August futures contract of:
-–ALUMINIUM was at INR 253.20 a kg, down 0.7%
–-Copper was steady at INR 882.65 a kg

–-LEAD was at INR 181.15 a kg, up 0.2%
–-ZINC was at INR 267.75 a kg, down 0.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 252.00-INR 258.40
--Copper contract seen at INR 874.90-INR 898.60
--Lead contract seen at INR 180.30-INR 182.70
--Zinc contract seen at INR 265.70-INR 274.50

End

US$1 = INR 87.70

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

Edited by Akul Nishant Akhoury

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