More Stories

Informist, Wednesday, Oct. 29, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose Wednesday, with prices touching a fresh record high on the latter following renewed concern about supply. Market sentiment was also lifted by signs of improving demand in Europe and expectations of a rate cut by the US Federal Open Market Committee at its meeting later in the day. Copper prices on LME surged to a fresh all-time high of $11,146 per tonne Wednesday.

Mining giant Glencore Wednesday lowered its annual copper production guidance to 850,000-875,000 tonnes from 850,000-890,000 tonnes previously, according to media reports. The company had produced 583,500 tonnes of copper year-to-date as of Wednesday, down 17% on year, The Wall Street Journal reported.

Another miner, Anglo American, has recorded a 9% fall in copper output to 526,000 tonnes in the first nine months of the year. Anglo American also warned that copper production at its Collahuasi mine in Chile will likely be lower than expected next year, Daniel Hynes, senior commodity strategist at ANZ, said in a note."This adds to an already tight market," Hynes said. Accidents and suspension of operations at major mines in Indonesia and Chile have amplified worries over supply.

The demand outlook in Europe has brightened, with car sales in the region rising for a third consecutive month in September, Hynes said. "New vehicle registrations increased 11% y/y (year on year) to 1.24m (million) units. Sales of electric vehicles jumped by a third amid robust demand for more affordable models."

Market participants are now waiting for the US FOMC meeting later in the day, where a 25 basis-point rate cut is widely expected. They will also be closely watching the meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on Thursday.

At 1816 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 272.30 a kg, up 0.5%
–-Copper was at INR 1,017.35 a kg, up 0.8%
–-LEAD was steady at INR 183.20 a kg
–-ZINC was at INR 302.05 a kg, up 0.6%

--NICKEL was steady at INR 1,333.50 a kg

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 270.00-INR 275.00
--Copper contract seen at INR 1,005.00-INR 1,025.00
--Lead contract seen at INR 182.00-INR 184.00
--Zinc contract seen at INR 300.00-INR 306.00
--Nickel contract seen at INR 1,300.00-INR 1,350.00

End

US$1 = INR 88.19

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

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.