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Informist, Wednesday, Aug. 13, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals edged lower on the Multi Commodity Exchange of India Wednesday, despite positive cues from the London Metal Exchange, because of a sharp rise in the rupee against the dollar. Market participants are now awaiting China's industrial production and retail sales data, both due early Friday, for further cues.

The rupee settled at a two-week high of 87.4400 on Wednesday against the dollar. When the rupee appreciates against the dollar, prices of rupee-denominated base metals fall.

COPPER prices were also under pressure due to an increase in Chilean production. Chile's state-run miner Codelco reported a 17% on-year increase in production in June to 120,200 tonnes. 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 output.

Meanwhile, copper inventories have risen on the COMEX for 100 consecutive days to 265,196 tonnes, the longest streak on record, according to analysts. "The build suggests the market remains concerned that refined metal may still be caught in (US President Donald) Trump's tariff policies," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. Trump had announced that refined copper would not attract the 50% import duty and the tariff was only on semi-finished copper products.

At 1803 IST, on the MCX, the August futures contract of:
-–ALUMINIUM was at INR 254.20 a kg, down 0.3%
–-Copper was at INR 891.00 a kg, down 0.2%

–-LEAD was at INR 180.55 a kg, down 0.5%
–-ZINC was at INR 269.65 a kg, down 0.5%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 251.00-INR 258.00
--Copper contract seen at INR 882.70-INR 903.70
--Lead contract seen at INR 179.80-INR 182.20
--Zinc contract seen at INR 266.30-INR 274.20

End

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

Edited by Saji George Titus

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