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Informist, Wednesday, Oct. 15, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India rose Wednesday, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. Market sentiment was also lifted by slightly dovish comments from US Federal Reserve Chair Jerome Powell, which increased expectations of more rate cuts this year.

 

At 1647 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.2% at 98.84. A weaker dollar makes dollar-denominated commodities such as copper cheaper for those holding other currencies, thereby aiding demand for such metals.

 

"Copper extended gains, buoyed by dovish comments from Fed Chair Jerome Powell that reinforced expectations of further US rate cuts, alongside optimism over potential stimulus in China," Kotak Securities said in a report. "The red metal recently touched a 16-month high of $11,000/ton earlier this month, supported by reduced mine supply from key producers in Indonesia, Chile, and the Democratic Republic of Congo, which has tightened the global balance and amplified sensitivity to further disruptions," as per the report.

 

Powell, speaking at the National Association for Business Economics annual meeting in Philadelphia Tuesday, warned that the sharp slowdown in hiring increasingly threatens the US economy. His comments about weakness in the labour market indicated that policy easing was firmly on the table.

 

The gains in copper were capped, however, by rising trade tension between China and the US, which could hurt demand for the metal. The trade spat between the two largest economies intensified after US President Donald Trump Tuesday threatened to terminate trade in cooking oil with Beijing. China also placed restrictions on five US entities linked with a major South Korean shipbuilder and threatened further retaliatory measures.

 

"...the base metals complex remains underpinned by supply-side concerns and a weaker dollar, though fragile global growth and lingering trade risks continue to temper the upside," according to Kotak Securities.

 

At 1642 IST, on the MCX, the October futures contract of:
-–ALUMINIUM was steady at INR 263.45 a kg
–-COPPER was at INR 995.20 a kg, up 0.1%
–-LEAD was at INR 180.45 a kg, down 0.1%
–-ZINC was steady at INR 291.20 a kg

 

The November futures contract of NICKEL was at INR 1,334.80 a kg, up 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 258.30-INR 268.30
--Copper contract seen at INR 954.70-INR 1,032.10
--Lead contract seen at INR 178.60-INR 182.00
--Zinc contract seen at INR 284.10-INR 297.90
--Nickel contract seen at INR 1,320.00-INR 1,350.00

 

End

 

US$1 = INR 88.07

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

 

Edited by Rajeev Pai

 

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