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Informist, Thursday, Nov. 6, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India rose Thursday, tracking gains on the London Metal Exchange because of a weak dollar. Market participants are now awaiting China's trade balance data, due early Friday, for further cues on Chinese demand.

COPPER prices rose amid persistent supply concerns. Chile's state-run miner Codelco reduced output guidance for this year despite higher production in the first nine months, Reuters reported. Codelco lowered its 2025 copper production forecast to 1.31 million tonnes from 1.34 million tonnes. Strong buying by Chinese traders ahead of an expected demand pick-up also supported prices, analysts said.

Further, Glencore is planning to close its Horne smelter, Canada's largest copper-producing operation, due to environmental issues and the millions of dollars required to upgrade the facility, Reuters reported.

At 1945 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.3% to 99.83. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, thereby aiding demand for those metals.

At 1918 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 273.00 a kg, up 0.4%
–-Copper was at INR 1,004.80 a kg, up 0.3%
–-LEAD was at INR 182.75 a kg, down 0.1%
–-ZINC was at INR 301.85 a kg, up 0.5%

--NICKEL was at INR 1,310.90 a kg, up 0.2%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 269.30-INR 274.50
--Copper contract seen at INR 989.70-INR 1,008.70
--Lead contract seen at INR 182.50-INR 184.50
--Zinc contract seen at INR 298.60-INR 303.00
--Nickel contract seen at INR 1,290.00-INR 1,319.00

End

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

Edited by Saji George Titus

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