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Informist, Monday, Sept. 1, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India rose Monday, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. Market sentiment was lifted by a fall in copper inventories at warehouses monitored by the Shanghai Futures Exchange and expectations of rate cuts by the US Federal Reserve later this month.

 

At 1730 IST, the dollar index, which measures the strength in the greenback against a basket of six currencies, was down 0.2% at 97.64. A weaker dollar makes dollar-denominated commodities such as copper cheaper for those holding other currencies, aiding demand.

 

"Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 2.4% this week while the Yangshan copper premium, which reflects demand for copper imported into China, stabilised at $55 a ton, its highest since June 5," SMC Global said in a report.

COPPER inventories at Shanghai Futures Exchange-monitored warehouses fell by 1,950 tonnes on week to 79,748 tonnes in the week ended Friday. ALUMINIUM stocks rose by 991 tonnes to 125,596 tonnes and ZINC stocks surged by 5,166 tonnes to 85,980 tonnes. LEAD stocks rose by 982 tonnes to 64,672 tonnes in the week ended Friday.

 

However, the rise in copper prices was capped due to weaker-than-expected economic data from top consumer China. China's official manufacturing purchasing managers' index rose to 49.4 in August from 49.3 in July, remaining in contraction territory, and missing market expectations. A reading below 50 indicates contraction in the sector and a number above 50 signals expansion.

 

At 1745 IST, on the MCX, the September futures contract of:
-–Aluminium was steady at INR 255.30 a kg
–-Copper was at INR 901.55 a kg, up 0.1%

–-Lead was at INR 182.15 a kg, up 0.2%
–-Zinc was at INR 273.10 a kg, up 0.7%

--NICKEL was at INR 1,355.80 a kg, up 1.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 253.00-INR 257.00
--Copper contract seen at INR 894.00-INR 908.00
--Lead contract seen at INR 181.00-INR 183.00
--Zinc contract seen at INR 270.00-INR 275.00

--Nickel contract seen at INR 1,340.00-INR 1,370.00

End

 

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

 

Edited by Avishek Dutta

 

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