India Base Metals
MCX copper up after paring losses on sharp fall in rupee
This story was originally published at 18:05 IST on 21 November 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India Friday, paring the day's earlier losses, because of a sharp fall in the rupee against the dollar. On LME, copper prices were under pressure due to fading bets of a rate cut by US Federal Reserve in December and weak demand from China.
The rupee logged its worst day in more than six months on Friday and ended at a record closing low of 89.4800 against the dollar. The domestic currency hit a lifetime low of 89.4950 a dollar during the day. When the rupee depreciates against the dollar, prices of base metals in the domestic market adjust as these are priced in rupees.
Meanwhile, the long-awaited US employment report for September painted a mixed picture of the US labour market. The data, released Thursday, suggested the labour market was stabilising before the government shutdown. The US added 119,000 non-farm payrolls in September, against a poll estimate of 50,000. The unemployment rate in the same month rose to 4.4%, the highest level in almost four years, above the consensus of 4.3%.
"The lingering doubt around easing monetary policy weighed on base metals," Daniel Hynes, a senior commodity strategist at ANZ Research, said in a note.
ALUMINIUM contracts on the domestic exchange pared earlier losses and were steady after the sharp fall in the rupee. Similarly, LEAD contracts pared losses and were trading in the green.
At 1727 IST, on the MCX, the November futures contract of:
-–Aluminium was steady at INR 265.15 a kg
–-Copper was at INR 998.20 a kg, up 0.1%
–-Lead was at INR 180.25 a kg, up 0.5%
–-ZINC was at INR 304.00 a kg, down 0.3%
The December futures contract of NICKEL was at INR 1,290.00 a kg, down 1.0%.
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 263.00-INR 267.00
--Copper contract seen at INR 992.00-INR 1,005.00
--Lead contract seen at INR 179.00-INR 181.50
--Zinc contract seen at INR 301.00-INR 306.00
--Nickel contract seen at INR 1,275.00-INR 1,305.00
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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