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Informist, Monday, Nov. 24, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper edged lower on the Multi Commodity Exchange of India and the London Metal Exchange Monday due to a rise in inventories at warehouses monitored by the Shanghai Futures Exchange. Market sentiment was also hurt as traders were cautious ahead of the release of key economic data from the US this week.

COPPER inventories at Shanghai Futures Exchange-monitored warehouses rose by 1,196 tonnes to 110,603 tonnes in the week ended Friday. Aluminium stocks rose by 8,817 tonnes to 123,716 tonnes while zinc inventories fell by 545 tonnes to 100,347 tonnes. Lead stocks also fell by 3,869 tonnes to 38,921 tonnes.

 

Market participants are waiting for the US retail sales data and the producer price index, both due Tuesday. They will also be monitoring the unemployment claims data due Wednesday. 

 

However, losses in copper were limited due an increase in expectations of rate cut by the US Federal Reserve next month. New York Federal Reserve President John Williams said interest rates could be cut in the near term without putting Fed's inflation target of 2% at risk. Fed funds futures are now pricing in a 73.3% chance of a rate cut of 25 basis points at the US Federal Open Market Committee meeting in December, according to the CME FedWatch tool. The pricing of a rate cut had fallen to below 30% last week after other Fed officials had signalled they favoured holding rates for the time being.

 

At 1711 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was steady at INR 266.10 a kg
–-Copper was at INR 1,000.50 a kg, down 0.3%
–-LEAD was at INR 180.00 a kg, down 0.5%
–-ZINC was at INR 302.70 a kg, down 1.2%

 

The December futures contract of NICKEL was at INR 1,294.00 a kg, up 0.2%.

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 263.00-INR 268.00
--Copper contract seen at INR 992.00-INR 1,008.00
--Lead contract seen at INR 179.00-INR 181.00
--Zinc contract seen at INR 300.00-INR 305.00
--Nickel contract seen at INR 1,280.00-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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