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Informist, Tuesday, Oct. 7, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Tuesday because of prolonged supply disruptions as Freeport-McMoRan indicated that production at its Grasberg mine in Indonesia is unlikely to resume fully until early 2027, prompting a 35% cut to its sales guidance for next year, according to analysts.

COPPER prices on the domestic bourse had touched a record high of INR 1,001.15 per kg in Monday's session. Multiple supply disruptions at major mines across the globe have market participants worried about a potential supply deficit in the global copper market. Mining giant Freeport-McMoRan declared force majeure on contracted supplies from Grasberg, the world's second-largest copper mine, and suspended operations after a large flow of wet material blocked access to parts of the underground mine, restricting evacuation routes for workers.

 

Chile's copper output fell nearly 10% in August after a deadly accident at Codelco's flagship mine, while the mudslide at Indonesia's Grasberg mine has taken about 3% of global supply offline. "Despite a firmer US dollar, copper prices continue to find support from tightening supply fundamentals and growing expectations of further rate cuts by the US Federal Reserve, even as the ongoing (US) government shutdown clouds the broader economic outlook," Kotak Securities said in a report.

 

ALUMINIUM prices edged lower on the MCX, taking cues from the LME because of a firm dollar. At 1805 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.4% at 98.51. A stronger dollar makes dollar-denominated commodities such as aluminium expensive for those holding other currencies, thereby denting demand for such metals.

 

At 1744 IST, on the MCX, the October futures contract of:
-–Aluminium was at INR 259.90 a kg, down 0.6%
–-Copper was at INR 995.50 a kg, up 0.6%
–-LEAD was steady at INR 183.00 a kg
–-ZINC was at INR 294.80 a kg, up 0.6%

--NICKEL was steady at INR 1,351.00 a kg

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 255.80-INR 263.40
--Copper contract seen at INR 969.90-INR 1,015.10
--Lead contract seen at INR 181.60-INR 184.40
--Zinc contract seen at INR 288.40-INR 299.30
--Nickel contract seen at INR 1,326.40-INR 1,369.60

 

End

 

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

 

Edited by Rajeev Pai

 

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