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Informist, Monday, Aug. 11, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange edged lower Monday as supply concerns eased after reports emerged that Codelco has received authorisation from Chile's labour inspectorate to partially resume operations at its flagship El Teniente mine. Market sentiment was also hurt by a rise in copper inventories at warehouses monitored by the Shanghai Futures Exchange. 

Prices of COPPER had risen last week due to concerns about supply. Chilean state-run miner Codelco had reduced copper extraction operations at its El Teniente mine after an earthquake killed six workers. Codelco is the world's biggest copper miner and Chile supplies about a quarter of the world's red metal. "While the reopening (of the mine) is expected to be a gradual process, this could provide a short-term headwind for copper prices as supply concerns ease," Dow Jones quoted Neil Welsh, head of metals at Britannia Global Markets as saying in a note.

"Copper prices also face pressure as unexpected US tariff exemptions on refined metal imports ease supply issues. Traders are now redirecting flows away from US stockpiles, with LME inventories rising to 155,580 metric tonnes at the last reading--the highest level since late May," Welsh added. Similarly, copper inventories at Shanghai Futures Exchange-monitored warehouses rose by 9,390 tonnes on week to 81,933 tonnes in the week ended Friday.

Trump had announced that refined copper would not attract 50% import duty and the tariff was only on semi-finished copper products. Trump said the US would impose 50% tariff on copper pipes and wiring, but the levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates, and cathodes.

At 1747 IST, on the MCX, the August futures contract of:
-–ALUMINIUM was at INR 252.60 a kg, down 0.6%
–-Copper was at INR 884.85 a kg, down 0.5%

–-LEAD was steady at INR 180.70 a kg
–-ZINC was at INR 268.70 a kg, down 0.5%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 249.30-INR 256.50
--Copper contract seen at INR 874.50-INR 897.20
--Lead contract seen at INR 179.60-INR 181.80
--Zinc contract seen at INR 265.10-INR 273.30

End

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

Edited by Deepshikha Bhardwaj

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