India Base Metals
Up on Chinese buying; copper at record high on supply woes
This story was originally published at 19:22 IST on 9 October 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India again rose to a record high Thursday, after previously hitting lifetime highs on Monday and Wednesday, tracking sharp gains in contracts on the London Metal Exchange. Copper prices rose Thursday as concerns about supply amplified after Canadian miner Teck Resources Ltd. lowered its production forecast for the year. Prices of other base metals also rose as Chinese traders returned to the market in a bullish mood after a week-long national holiday, according to Kotak Securities.
The most-active October copper contract on MCX hit a new record high of INR 1,021.85 per kg earlier in the day. On the London Metal Exchange, prices are currently 2.4% higher at $10,920.0 per tonne. "The rally was fuelled by persistent supply disruptions, with production at Indonesia's mine still constrained following last month's accident, and Chile's Codelco halting operations at its site," Kotak Securities said in a report.
Canadian miner Teck Resources Ltd. lowered its production forecast for the Quebrada Blanca mine in Chile to 170,000-190,000 tonnes for this year from its previous estimate of 210,000-230,000 tonnes. It has also lowered its annual production targets for the next three years. Moreover, accidents and suspension of operations at major mines in Indonesia and Chile have risen concerns about a potential deficit in the global market copper.
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.
Meanwhile, the International Copper Study Group, in its latest forecast released Wednesday, expects the global copper market to swing to a deficit in 2026 from a surplus this year due to aslower growth in production. The group now expects a deficit of around 150,000 tonnes in 2026 from its earlier projection of a surplus of 209,000 tonnes.
At 1811 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 266.45 a kg, up 1.3%
–-Copper was at INR 1,020.95 a kg, up 2.2%
–-LEAD was at INR 184.10 a kg, up 0.4%
–-ZINC was at INR 299.05 a kg, up 1.8%
--NICKEL was at INR 1,350.10 a kg, up 0.4%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 261.60-INR 269.50
--Copper contract seen at INR 990.00-INR 1,033.90
--Lead contract seen at INR 182.60-INR 185.40
--Zinc contract seen at INR 290.20-INR 301.50
--Nickel contract seen at INR 1,326.70-INR 1,363.50
End
US$1 = INR 88.78
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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