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Informist, Monday, Sept. 15, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange were steady Monday as market participants awaited the outcome of the Federal Open Market Committee's monetary policy meeting later this week. Copper prices on the domestic exchange had risen to a 16-month high of INR 919.80 per kilogram in the previous session due to concerns about supply.

The CME's Fedwatch tool shows traders fully pricing in a 25-basis-point cut, with over 3% expecting a jumbo 50-bps cut. Traders expect 75 bps of cuts for the rest of 2025 as recent economic data from the US showed softness in the labour market. If the FOMC does cut rates this week, it would be the first since December. Traders will also closely track the FOMC's projections or 'dot plot'.

COMEX COPPER prices had risen above the $10,000 per tonne mark Friday and are currently trading at $10,084.50 per tonne. "Copper is targeting resistance at $10,100 a tonne," analysts at Sucden Financial were quoted by Dow Jones as saying in a note. "With March's high of around $10,164 a tonne, copper could still strengthen in the near term," they said.

The Grasberg copper mine in Indonesia, the world's second-largest copper mine, suspended operations after a large flow of wet material blocked access to parts of the underground mine, restricting evacuation routes for workers. Meanwhile, Freeport-McMoran has confirmed that its Grasberg Mine will remain closed as rescue operations continue. "Inventories remain tight, with LME stockpiles about 40% below the five-year average, amplifying supply concerns," Kotak Securities said in a report.

At 1800 IST, on the MCX, the September futures contract of:
-–ALUMINIUM was at INR 259.50 a kg, down 0.6%
–-Copper was steady at INR 913.60 a kg
–-LEAD was at INR 183.05 a kg, down 0.4%
–-ZINC was at INR 280.50 a kg, up 0.2%
--NICKEL was at INR 1,324.90 a kg, down 0.6%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 255.60-INR 263.10
--Copper contract seen at INR 903.10-INR 922.30
--Lead contract seen at INR 181.50-INR 185.00
--Zinc contract seen at INR 275.10-INR 286.70
--Nickel contract seen at INR 1,280.50-INR 1,324.20

End

US$1 = INR 88.21

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

Edited by Saji George Titus

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