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Informist, Friday, Nov. 7, 2025

By Reshma Ravi

MUMBAI – Futures contracts of most base metals on the Multi Commodity Exchange of India rose Friday, tracking gains on the London Metal Exchange because of a weak dollar. Copper prices also rose due to increasing expectations of another US Federal Reserve rate cut in December as a private-sector job report indicated weakness in the US labour market. Lower interest rates boost economic growth and industrial demand for metals, supporting prices of copper.

At 1915 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.1% to 99.59. A weaker dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, thereby aiding demand for those metals.

"The US economy shed jobs in October amid losses in the government and retail sectors, while cost-cutting and the adoption of artificial intelligence by businesses led to a surge in announced layoffs, data showed on Thursday," SMC said in a report. Job cuts in October totalled 153,074, a 183% surge from September and 175% higher than the same month a year ago. This was the highest level for any October since 2003. This has been the worst year for announced layoffs since 2009. A weak jobs market typically makes interest rate cuts more likely. 

According to the latest CME's FedWatch tool, 69% of traders are now pricing in a 25-basis-point rate cut in December, up from 63% a week ago.

However, the gains in copper prices were capped due to disappointing trade figures from China. "October exports fell 1.1%, and import growth slowed to just 1%, underscoring tepid demand from the world's top consumer of industrial metals. Copper prices stabilised after a pullback from record highs earlier in the week. Imports of refined copper into China dropped nearly 10% month-on-month in October, reflecting softer industrial activity," Kotak Securities said in a report.

At 1915 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 273.55 a kg, up 0.3%
–-Copper was at INR 1,001.85 a kg, up 0.2%
–-LEAD was steady at INR 183.7 a kg
–-ZINC was at INR 302.25 a kg, up 0.5%

--NICKEL was at INR 1,323.00 a kg, up 1.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 271.00-INR 284.00
--Copper contract seen at INR 996.00-INR 1,008.00
--Lead contract seen at INR 182.00-INR 185.00
--Zinc contract seen at INR 299.00-INR 304.00
--Nickel contract seen at INR 1,300.00-INR 1,332.00

End

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

Edited by Deepshikha Bhardwaj

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