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Informist, Tuesday, Aug. 12, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India and the London Metal Exchange rose Tuesday on improved risk sentiment after the US and China agreed to extend their tariff truce for 90 days.

"The extension, signed by President Trump through November 10, defers a planned tariff hike and grants negotiators more time to finalise a deal, bolstering demand prospects," Kotak Securities said in a report. "The move also included steps to reduce tit-for-tat tariff measures and ease export restrictions on certain technologies and rare earth magnets," the report added.

However, the gains in COPPER prices were capped because of a rise in production from Chile. Chilean state-run miner Codelco reported a 17% on-year increase in production in June to 120,200 tonnes, according to the report. Easing supply side issues from Chile also capped the gains in copper prices. Codelco had reduced copper extraction operations at its El Teniente mine after an earthquake killed six workers last month. Codelco is the world's biggest copper miner and Chile supplies about a quarter of the world's red metal.

"In recent years, copper mine production in Chile, the most important producing country, has repeatedly disappointed, partly due to operational problems," Thu Lan Nguyen, head of FX and commodity research at Commerzbank said in a report. "Given the IEA's (Interntational Energy Agency) expectation that copper mine production is likely to fall significantly behind demand in the long term, any news of unexpected production outages is not exactly encouraging," Nguyen added.

At 1833 IST, on the MCX, the August futures contract of:
-–ALUMINIUM was at INR 254.55 a kg, up 0.9%
–-Copper was at INR 889.90 a kg, up 0.6%

–-LEAD was at INR 181.15 a kg, up 0.3%
–-ZINC was at INR 271.25 a kg, up 1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 250.40-INR 257.10
--Copper contract seen at INR 877.20-INR 898.00
--Lead contract seen at INR 179.80-INR 182.20
--Zinc contract seen at INR 265.80-INR 273.80

End

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

Edited by Deepshikha Bhardwaj

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