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Informist, Monday, Sept. 29, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Monday on concerns about supply after mining giant Freeport-McMoran declared force majeure on contracted supplies from its Grasberg mine in Indonesia. Market sentiment was also boosted by strong demand from China, as buyers restocked ahead of the upcoming Golden Week holiday, starting on Wednesday, according to analysts.

 

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.

 

Moreover, Canadian mining company Hudbay Minerals announced last week that its Constancia mine in Peru will be temporarily shut down due to riots in Lima and several protests across the country. Chilean state-owned mining company Codelco said its biggest mine, El Teniente, could take longer to return to full production than originally planned after a deadly tunnel collapse in July. The fall in production is likely to exceed the 33,000 tonnes originally forecast by the company.

 

"These prolonged disruptions highlight the market's vulnerability to shocks, tightening availability for smelters and underpinning higher copper prices in the near term," Kedia Advisory said in a note.

 

A weaker dollar also supported prices of the red metal. At 1552 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.2% at 97.98. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for those holding other currencies, thereby increasing demand for these metals.

 

ALUMINIUM and ZINC prices also rose because of the weak dollar.

 

At 1542 IST, on the MCX, the October futures contract of:
-–Aluminium was at INR 257.60 a kg, up 0.9%
–-Copper was at INR 947.35 a kg, up 0.8%
–-LEAD was steady at INR 182.90 a kg
–-Zinc was at INR 285.10 a kg, up 1.2%

--NICKEL was at INR 1,349.10 a kg, down 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 252.60-INR 258.90
--Copper contract seen at INR 929.00-INR 965.00
--Lead contract seen at INR 181.50-INR 184.00
--Zinc contract seen at INR 278.15-INR 287.85
--Nickel contract seen at INR 1,329.00-INR 1,369.00

End

 

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

 

Edited by Saji George Titus

 

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