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Informist, Wednesday, Oct. 8, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India rose to a fresh all-time high Wednesday, tracking a rise in contracts on the London Metal Exchange owing to persistent concern about global supply after major mine disruptions in Indonesia and Chile.

 

The most-active October COPPER contract hit a new record high of INR 1,005.95 per kg earlier in the day. On the LME, prices have surged above the psychologically significant level of $10,000 per tonne and are currently at $10,707 per tonne. Mining giant Freeport-McMoRan has 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. The mudslide at Indonesia's Grasberg mine has taken about 3% of global supply offline. "These disruptions are expected to prompt downward revisions to global supply forecasts by the International Copper Study Group," Kotak Securities said in a report. 

 

Freeport-McMoRan has 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.

 

However, prices of most other base metals fell owing to a rise in the dollar index. At 1901 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.2% at 98.73. A stronger dollar makes dollar-denominated commodities expensive for those holding other currencies, denting demand.

 

At 1842 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 263.20 a kg, up 0.6%
–-Copper was at INR 1,001.60 a kg, up 0.5%
–-LEAD was at INR 183.20 a kg, down 0.1%
–-ZINC was at INR 295.20 a kg, down 0.4%

--NICKEL was at INR 1,345.00 a kg, down 0.4%

 

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

 

US$1 = INR 88.79

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

 

Edited by Rajeev Pai

 

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