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Informist, Monday, Oct. 13, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Monday following a sharp fall in the previous session, as US President Donald Trump scaled back his tariff threats to China. Higher copper imports by China last month and concern over supply boosted market sentiment, according to analysts.

 

Friday, Trump threatened an additional 100% tariff on China, ending months of truce in a trade war between the world's two largest economies after Beijing expanded export controls on rare earths earlier in the week. However, Trump scaled back his threat during the weekend. China Sunday threatened to retaliate if Trump failed to back down on his threat and defended its curbs on exports of rare earth elements and equipment as a response to US aggression.

 

China's refined copper imports rose to 485,000 tonnes in September, marking the highest level this year. "This occurred despite rising stocks and declining spot premiums, indicating strong underlying demand," ANZ Research said in a report. Imports of copper concentrate also remained strong at 2.59 million tonnes, it added.

 

Meanwhile, 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 cut 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 concern. 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 on 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.

 

At 1751 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was at INR 264.05 a kg, up 1.0%
–-Copper was at INR 993.70 a kg, up 2.6%
–-LEAD was at INR 182.75 a kg, down 0.2%
–-ZINC was at INR 294.25 a kg, up 0.8%

--NICKEL was at INR 1,270.00 a kg, down 2.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 259.60-INR 269.50
--Copper contract seen at INR 952.60-INR 1,030.70
--Lead contract seen at INR 181.40-INR 184.40
--Zinc contract seen at INR 287.70-INR 301.50
--Nickel contract seen at INR 1,248.10-INR 1,311.90

End

 

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

 

Edited by Subhojit Sarkar

 

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