India Base Metals
Mixed; copper price up tracking LME on weak dollar
This story was originally published at 20:06 IST on 24 October 2025
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By J. Navya Sruthi
MUMBAI – Futures contracts of base metals were mixed Friday on the Multi Commodity Exchange of India. The price of copper rose, tracking a rise on the London Metal Exhange due to a weaker dollar. The rupee also weakened Friday, which supported domestic copper prices. However, prices of aluminium and lead were lower, tracking those on the LME.
COPPER prices rose as the dollar index fell after lower-than-anticipated US inflation data. The US CPI rose 0.3% in September compared to 0.4% in August, the US Bureau of Labor Statistics reported Friday. On an annual basis, the CPI rose 3% in September, lower than the expected 3.1% increase. In August, the index was up 2.9%. According to the CME FedWatch tool, markets are pricing in a 97% probability of the policy rate falling from the current 4.00-4.25% range to 3.50-3.75% by the end of 2025.
The rupee also fell slightly Friday as banks persistently bought dollars on behalf of importers. After touching a high of 87.6250 a dollar, the domestic currency ended the day at 87.8450 a dollar, broadly unchanged from its previous close of 87.8400. Base metals such as copper are dollar-denominated and if the rupee falls against the dollar, the prices of these metals are likely to rise in rupee terms.
Supply concerns after a mine collapse in the Dominican Republic are also supporting copper prices. "Given the current acute concerns about a shortage of raw materials, reopening the mine could provide significant relief and dampen the price of copper," according to Commerzbank Research.
Accidents and suspension of operations at major mines in Indonesia and Chile have amplified supply concerns. The International Copper Study Group 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.
ALUMINIUM prices were lower on the MCX Friday, tracking those on the LME as investors took profits, analysts said.
At 1935 IST, on the MCX, the October futures contract of:
-–Aluminium was at INR 264.50 a kg, down 0.4%
–-Copper was at INR 993.35 a kg, up 0.3%
–-LEAD was steady at INR 179.15 a kg
–-ZINC was at INR 300.10 a kg, up 0.3%
The November futures contract of NICKEL was at INR 1,319 a kg, down 0.6%.
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 262-INR 266
--Copper contract seen at INR 985-INR 998
--Lead contract seen at INR 177-INR 180
--Zinc contract seen at INR 297-INR 302
--Nickel contract seen at INR 1,300-INR 1,340
End
US$1 = INR 87.84
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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