India Base Metals
Copper futures hit record high on supply concerns
This story was originally published at 17:01 IST on 25 September 2025
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By Reshma Ravi
MUMBAI – Futures contracts of copper hit a fresh record high on the Multi Commodity Exchange of India Thursday due to concerns about supply after Freeport-McMoRan declared force majeure on contracted supplies from its Grasberg mine in Indonesia. Copper prices have risen for five straight sessions on the domestic exchange.
The most-active October COPPER contract hit a new record high of INR 963.45 per kg earlier in the day. The previous record high on the domestic bourse was INR 953.45 per kg, recorded on May 21, 2024. On the London Metal Exchange, copper prices surged around 3.6% Wednesday and closed at $10,336.5 per tonne, the highest level since May 2024. At 1657 IST Thursday, the three-month copper contract on the LME was up 0.6% at $10,384.5 per tonne.
According to media reports, Freeport-McMoRan said it expects consolidated sales to be lower by around 4% for copper and nearly 6% for gold in the third quarter, compared to its previous forecast. 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. The mine has been fully shut down for nearly two weeks after the accident on Sept. 8.
"As Grasberg contributes over 3% of global mined copper, prolonged disruptions risk further tightening supply, lifting prices and straining the smelting sector," Kotak Securities said in a report.
"The percentage of copper production hit by unplanned disruptions has steadily increased from just under 5% in 2014 to 5.7% in 2024, and is expected to surpass 6% this year," ANZ analysts were quoted as saying by Dow Jones. Copper prices were also supported by improving demand in China as consumers are restocking ahead of the seven-day long holiday starting Oct. 1.
In addition, Canadian mining company Hudbay Minerals Tuesday said that its Constancia mine in Peru will be temporarily shut due to riots in Lima and several protests across the country.
At 1615 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 257.35 a kg, up 0.3%
–-Copper was at INR 958.85 a kg, up 1.4%
–-LEAD was at INR 183.80 a kg, up 0.3%
–-ZINC was at INR 288.10 a kg, up 1.1%
--NICKEL was at INR 1,360.10 a kg, down 0.5%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 255.00-INR 260.00
--Copper contract seen at INR 945.00-INR 970.00
--Lead contract seen at INR 182.50-INR 185.00
--Zinc contract seen at INR 285.00-INR 289.00
--Nickel contract seen at INR 1,350.00-INR 1,380.00
End
US$1 = INR 88.66
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Nishant Maher
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