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Informist, Friday, Oct. 31, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India fell Friday, tracking a decline in contracts on the London Metal Exchange amid firm dollar. Market sentiment was also hurt by weaker-than-expected economic data from China and US Federal Reserve Chair Jerome Powell's hawkish comments.

At 1946 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.2% to 99.73. A stronger dollar makes dollar-denominated commodities like copper expensive for those holding other currencies, thereby denting demand for such metals.

China's official purchasing managers' index fell to 49.0 in October from 49.8 in September, lower than economists' expectations of 49.6 in a Reuters' poll and marking a six-month low, according to data from the National Bureau of Statistics. China is the leading consumer of copper and weak economic data from the country could hurt demand.

Meanwhile, 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.

However, the losses in copper were limited by renewed concern about supply. 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. Accidents and suspension of operations at major mines in Indonesia and Chile have amplified worries over supply.

"Although the price of copper has fallen back somewhat from its recent record high, it is probably still too early for a significant correction," analysts at Commerzbank said in a report. Market participants are now awaiting China's RatingDog manufacturing PMI due Monday for further cues.

At 1941 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 271.90 a kg, up 0.6%
–-Copper was at INR 1,010.95 a kg, down 0.1%
–-LEAD was at INR 182.90 a kg, down 0.2%
–-ZINC was at INR 302.00 a kg, up 0.5%

--NICKEL was at INR 1,306.00 a kg, up 0.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 268.90-INR 273.40
--Copper contract seen at INR 1,004.60-INR 1,017.20
--Lead contract seen at INR 180.50-INR 184.20
--Zinc contract seen at INR 298.70-INR 304.20
--Nickel contract seen at INR 1,296.00-INR 1,318.00

End

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

Edited by Subhojit Sarkar

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