India Base Metals
Copper reverses gains after rising to one-week high
This story was originally published at 20:16 IST on 3 September 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India were trading in the red after rising to a one-week high Wednesday. On the London Metal Exchange, copper prices rose to a five-month high of $10,038 per tonne before shedding the gains. However, market sentiment remains optimistic on US Federal Reserve rate cut expectations and upbeat Chinese economic data.
"Signs of resilience in China's economy continue to support sentiment, with recent PMI (Purchasing Managers' Index) surveys showing growth in both manufacturing and services activity," Kotak Securities said in a report. "Further support came on the back of Yangshan copper premiums have risen to $55/ton (tonne), reflecting firm import appetite, even as Beijing's clampdown on scrap supply has tightened availability and boosted demand for refined metal," the report said.
China's general Services Purchasing Managers' Index rose to 53.0 in August from 52.6 in July, according to the RatingDog China Services data on Wednesday. China's manufacturing PMI rose to a five-month high of 50.5 in August, indicating an improvement in China's manufacturing conditions and a return to expansion, according to RatingDog China manufacturing data.
Moreover, reports from China about new policies that could boost demand for refined copper also supported prices, Daniel Hynes, senior commodity strategist at ANZ Research said in a note. "Scrap metal could attract lower subsidies, and this has already prompted some recyclers reduce their output. This will ultimately lead to an increase in demand for copper cathodes and put upward pressure on domestic prices," Hynes added.
At 1914 IST, on the MCX, the September futures contract of:
-–Aluminium was at INR 255.25 a kg, down 0.1%
–-Copper was at INR 906.00 a kg, down 0.1
–-Lead was steady at INR 181.80 a kg
–-Zinc was at INR 275.75 a kg, up 0.4%
--Nickel was at INR 1,351.00 a kg, up 0.5%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 252.20-INR 258.50
--Copper contract seen at INR 894.80-INR 918.80
--Lead contract seen at INR 180.70-INR 183.50
--Zinc contract seen at INR 272.00-INR 281.00
--Nickel contract seen at INR 1,323.10-INR 1,382.90
End
US$1 = INR 88.08
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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