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Informist, Thursday, Aug. 21, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange were steady Thursday as market participants are waiting for the US Federal Reserve's Jackson Hole symposium. Fed Chair Jerome Powell is scheduled to deliver the keynote speech at the symposium on Friday.

 

However, market sentiment came under pressure after The People's Bank of China kept its loan prime rates steady, with its one-year rate at 3.0% and five-year rate at 3.5%, signalling limited urgency for fresh stimulus, Kotak Securities said in a report. Meanwhile, China's refined COPPER production fell slightly to 1.27 million tonnes in July from 1.3 million tonnes the previous month, according to the country's statistics bureau.

 

Chilean copper miner Codelco will lower its 2025 production guidance after an accident at its flagship El Teniente mine knocked 33,000 tonnes off the facility's output, according to brokerage Nirmal Bang said in a report. El Teniente is now forecast to produce 316,000 tonnes of copper this year. The decline represents a $340-million loss tied to the lost output, the report said, citing Codelco's Chief Excutive Officer Ruben Alvarado.

 

"The broader (metals) complex remained rangebound as investors turned cautious ahead of the Jackson Hole symposium, where guidance on the rate outlook is awaited," the report said.

 

At 1827 IST, on the MCX, the August futures contract of:
-–Aluminium was at INR 248.95 a kg, up 0.1%
–-Copper was steady at INR 873.00 a kg

–-Lead was at INR 179.55 a kg, up 0.1%
–-Zinc was at INR 264.60 a kg, down 0.3%

 

The September futures contract of nickel was at INR 1,321.50, down 0.1%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 245.80-INR 252.30
--Copper contract seen at INR 861.50-INR 881.60
--Lead contract seen at INR 178.10-INR 181.10
--Zinc contract seen at INR 260.10-INR 268.80

--Nickel contract seen at INR 1,305.00-INR 1,335.00

End

 

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

 

Edited by Avishek Dutta

 

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