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Informist, Friday, Sept. 19, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Friday, after falling to a one-week low in the previous session, as lower prices prompted Chinese buyers to restock ahead of the seven-day long holiday starting Oct. 1, analysts said. However, the gains were capped by a rise in the dollar index.

At 1651 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.3% at 97.60. A stronger dollar makes dollar-denominated commodities such as COPPER expensive for those holding other currencies, thereby denting demand for such metals.

"Copper prices have continued to firm on resilient Chinese demand and earlier supply inflows to the US, though growth in renewables-driven consumption in China is showing signs of slowing in the second half of the year. Markets are watching for fresh cues from the upcoming call between US President Donald Trump and Chinese President Xi Jinping," Kotak Securities said in a report.

Meanwhile, the US Federal Open Market Committee Wednesday voted to reduce the federal funds target rate range by 25 basis points to 4.00-4.25%, after keeping it unchanged for five consecutive meetings. In its economic projections, the panel indicated chances of two additional 25-bps rate cuts this year. While the decisions and projections were along market expectations, the tone of the panel and Federal Reserve Chair Jerome Powell is what led traders to pull back from aggressive rate cut bets, leading to strengthening of the dollar, putting pressure on copper prices in the previous session.

"Base metals struggled to hold its head above water as the stronger dollar weighed on investor appetite. Any subsequent benefit from the easing cycle may be delayed until real economic activity picks up," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.

At 1644 IST, on the MCX, the September futures contract of:
-–ALUMINIUM was at INR 258.60 a kg, down 0.3%
–-Copper was at INR 904.60 a kg, up 0.2%
–-LEAD was steady at INR 182.95 a kg
–-ZINC was at INR 277.35 a kg, down 0.4%

The October futures contract of NICKEL was at INR 1,329.90 a kg, down 0.5%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 254.70-INR 261.60
--Copper contract seen at INR 893.40-INR 915.80
--Lead contract seen at INR 181.20-INR 184.50
--Zinc contract seen at INR 272.20-INR 282.10
--Nickel contract seen at INR 1,315.80-INR 1,353.80

End

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

Edited by Nishant Maher

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