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Informist, Friday, Oct. 10, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Friday on persistent concerns about supply. Market sentiment was also lifted by expectations of more rate cuts by the US Federal Reserve this year.

 

COPPER production from Chilean state-run miner Codelco fell 25% in August after a deadly collapse stunted output. Canadian miner Teck Resources 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 amplified supply concerns. 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 slower growth in production. The group now expects a deficit of around 150,000 tonnes in 2026 compared with its earlier projection of a surplus of 209,000 tonnes.

 

Copper contracts are trading in the green for the fourth consecutive session on the domestic bourse, with prices hitting record highs multiple times this week. Copper prices rose to a fresh all-time high of INR 1,026.45 per kilogram on MCX Thursday. "LME copper prices settled almost 2% higher, with prices touching $11,000/t at one point yesterday (Thursday), after Chinese traders returned from the holiday break in a bullish mood amid ongoing supply disruptions," analysts at ING said in a report.

 

Market participants are waiting for China's trade balance data due Monday for further cues on demand in the country. 

 

At 1818 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 265.25 a kg, up 0.2%
–-Copper was at INR 1,006.25 a kg, up 0.3%
–-LEAD was at INR 183.25 a kg, down 0.2%
–-ZINC was at INR 296.50 a kg, up 0.7%

--NICKEL was at INR 1,335.00 a kg, down 1.1%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 263.00-INR 267.00
--Copper contract seen at INR 996.00-INR 1,014.00
--Lead contract seen at INR 182.00-INR 184.50
--Zinc contract seen at INR 294.00-INR 298.00
--Nickel contract seen at INR 1,320.00-INR 1,358.00

End

 

US$1 = INR 88.68

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

 

Edited by Saji George Titus

 

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