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Informist, Tuesday, Nov. 4, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals on the Multi Commodity Exchange of India fell Tuesday, tracking a fall in contracts on the London Metal Exchange due to a firm dollar. Copper prices fell by more than 1% amid concerns about demand and easing supply worries.

 

"Copper slipped to around $10,648/tonne on the LME, while the Shanghai recorded its steepest drop in three weeks, weighed by demand concerns, and uncertainty over US interest-rate policy," Kotak Securities said in a report. Moreover, Chile's largest COPPER producer Codelco is expected to increase its mine output this year and next year, according to media reports.

 

"If Chile's largest mining producer is indeed able to significantly expand its production in the coming months, this could significantly alleviate current concerns about a shortage of raw materials and weigh on the price of copper," Thu Lan Nguyen, head of forex and commodity research at Commerzbank, said in a report.

 

At 2028 IST, the dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.3% to 100.15. A stronger dollar makes dollar-denominated commodities, such as copper, more expensive for holders of other currencies, thereby denting demand for those metals.

 

ALUMINIUM prices also fell sharply amid a firm dollar and concerns about demand. "Aluminium also eased from its recent three-year high as demand worries resurfaced and the dollar strengthened. However, the downside remains cushioned by structural constraints such as China's production cap and refinery shutdowns globally," Kotak Securities said.

 

At 2008 IST, on the MCX, the November futures contract of:
-–Aluminium was at INR 271.25 a kg, down 1.0%
–-Copper was at INR 995.15 a kg, down 1.4%
–-LEAD was at INR 183.20 a kg, down 0.1%
–-ZINC was at INR 302.15 a kg, down 0.8%

--NICKEL was at INR 1,310.00 a kg, down 0.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 268.00-INR 276.00
--Copper contract seen at INR 983.40-INR 1,015.50
--Lead contract seen at INR 181.50-INR 184.50
--Zinc contract seen at INR 298.00-INR 308.50
--Nickel contract seen at INR 1,272.60-INR 1,329.40

End

 

US$1 = INR 88.65

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

 

Edited by Saji George Titus

 

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