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Informist, Thursday, Oct. 30, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India edged lower Thursday, tracking losses on the London Metal Exchange because of a rise in the dollar index. Market sentiment was also hurt as investors took profits after a sharp rise in prices in the previous session.

Trade talks between China and the US concluded with US President Donald Trump describing the meeting as "amazing". The two presidents had agreed on "almost everything" and reached a trade deal that could be signed "pretty soon", Trump told reporters on Air Force One, CNN World reported. "The decline (in COPPER) followed the conclusion of trade talks between US President Donald Trump and China's Xi Jinping," Kotak Securities said in a report.

Despite the trade tensions, which could have hurt demand for industrial metals, easing, sentiment across the metals markets weakened as US Federal Reserve Chair Jerome Powell cautioned against assuming another rate cut in December, tempering risk appetite, the report said.

The US Federal Open Market Committee cut the federal funds target range by 25 basis points for the second meeting in a row to 3.75-4.00%, but Powell said a rate cut in December was "far from" a foregone conclusion. "In the committee's discussions at this meeting, there were strongly differing views about how to proceed in December," Powell said at the post-policy press conference. "A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it, policy is not on a preset course."

Renewed concern about supply had pushed copper prices up to a new record high on the LME in the previous session. "The outlook for copper is starting to look brighter with balances tightening for both 2025 and 2026 amid supply challenges and rising trade optimism," analysts at ING said in a report. "However, the risk of demand destruction shouldn't be ignored, as Chinese buyers show signs of price sensitivity, which could put a ceiling on copper's upside," they said.

At 1805 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 270.45 a kg, down 0.6%
–-Copper was at INR 1,014.90 a kg, down 0.6%
–-LEAD was at INR 183.50 a kg, up 0.3%
–-ZINC was at INR 300.60 a kg, down 0.3%

--NICKEL was at INR 1,319.00 a kg, down 0.6%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 267.50-INR 275.50
--Copper contract seen at INR 1,001.40-INR 1,038.40
--Lead contract seen at INR 181.70-INR 184.80
--Zinc contract seen at INR 295.90-INR 307.10
--Nickel contract seen at INR 1,300.10-INR 1,353.90

End

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

Edited by Rajeev Pai

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