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Informist, Thursday, Nov. 20, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange on Thursday as Chile's state copper commission, Cochilco, raised its price outlook for the metal. However, a firmer dollar and fading bets of a rate cut by the US Federal Reserve in December capped gains.

 

Cochilco raised its forecast for COPPER prices to record highs for 2025 and 2026. It sees copper prices averaging $4.45 per pound this year and $4.55 per pound in 2026, both up from $4.30 per pound expected earlier, Reuters reported. "Copper edged higher amid a slight improvement in risk appetite," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note.

 

"Sentiment was bolstered by a report from Chile's copper agency Cochilco, which is now expecting an improved price environment. It raised its price forecasts for this year and next, citing a weaker dollar and global economic resilience," Hynes said.

 

However, the rise in copper prices was capped due to a firmer dollar. At 1749 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was up 0.2% at 100.30. A stronger dollar makes dollar-denominated commodities, such as copper, expensive for holders of other currencies, denting demand.

 

Meanwhile, minutes of the US Federal Open Market Committee's meeting in October showed a deep divide over the next policy action. "Many participants" favoured keeping rates unchanged, while "several participants" said it would be appropriate to cut rates. According to the CME's FedWatch tool, nearly 32% of traders are now pricing in a 25-basis-point rate cut in December, down from 50% a week ago.

 

Market participants were waiting for US non-farm payrolls report for September for further cues. The US Bureau of Labor Statistics Wednesday said it would not publish non-farm payrolls report for October as the US government partially shut down and was unable to gather data. It also deferred the release of November's monthly jobs report to Dec. 16 from the first Friday of the month. This makes Thursday's non-farm payrolls report for September the last large-scale data point for the labour market before the US FOMC's next meeting on Dec. 9-10.

 

Data released by Labor Department's Bureau of Labor Statistics later in the day showed non-farm payrolls increased by 119,000 jobs in September, significantly higher than market expectations. The data was delayed six weeks due to the shutdown of the US government.

 

At 1738 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 264.85 a kg, up 0.1%
–-Copper was at INR 1,003.15 a kg, up 0.1%
–-LEAD was at INR 179.35 a kg, down 0.3%
–-ZINC was at INR 305.25 a kg, up 1.1%

 

The December futures contract of NICKEL was at INR 1,306.00 a kg, down 0.5%.

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 263.00-INR 267.00
--Copper contract seen at INR 997.00-INR 1,008.00
--Lead contract seen at INR 178.00-INR 181.00
--Zinc contract seen at INR 302.00-INR 308.00
--Nickel contract seen at INR 1,290.00-INR 1,320.00

End

 

US$1 = INR 88.70

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

 

Edited by Nishant Maher

 

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