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Informist, Thursday, Aug. 14, 2025

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India edged lower Thursday, tracking London Metal Exchange, because of a rise in the dollar index. Market participants are now waiting for key economic data from China such as industrial production and retail sales, due early Friday.

 

"Retail sales, industrial production and fixed asset investment are expected to show signs of improvement despite lingering trade concerns," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.

 

However, losses in COPPER prices were limited due to expecatios of an interest rate cut by the US Federal Open Market Committee and due to supply side issues. Chilean state-run miner Codelco had reduced copper extraction operations at its El Teniente mine after an earthquake killed six workers last month. Even though it has been allowed to restart parts of the operation, output remains curtailed.

 

"The comprehensive review process could see operations curtailed for months," Hynes added. Codelco is the world's biggest copper miner and Chile supplies about a quarter of the world's red metal output.

 

Meanwhile, US consumer price index rose 2.7% on year, below the 2.8% forecast, while core inflation rose to 3.1% from 2.9%, data released by the Bureau of Labor Statistics showed, raising expectations of a rate cut by US Fed. The CME's FedWatch tool now shows a 95% chance of a rate cut by the US FOMC in September. Lower interest rates stimulate economic growth, increasing demand for industrial metals.

 

At 1858 IST, on the MCX, the August futures contract of:
-–ALUMINIUM was at INR 254.30 a kg, up 0.4%
–-Copper was at INR 886.85 a kg, down 0.1%

–-LEAD was at INR 180.30 a kg, up 0.1%
–-ZINC was at INR 270.40 a kg, up 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 251.40-INR 256.80
--Copper contract seen at INR 881.80-INR 898.60
--Lead contract seen at INR 179.00-INR 181.00
--Zinc contract seen at INR 266.20-INR 272.40

End

 

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

 

Edited by Akul Nishant Akhoury

 

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