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Informist, Tuesday, Nov. 25, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India and the London Metal Exchange Tuesday due to rising expectation of a rate cut by the US Federal Reserve next month. COPPER prices rose due to persistent outflows from LME warehouses to the US, according to analysts.

 

Both US Fed Governor Christopher Waller and San Francisco Fed President Mary Daly Monday said they prefer to cut interest rates in December to support the ailing labour market. Waller also said rate decisions from January should be on a meeting-by-meeting basis after an influx of economic data in December. These comments came after New York Fed President John Williams on Friday said the central bank could still trim interest rates in the near term without risking its inflation goal. According to the CME FedWatch tool, 80.7% of traders are now pricing in a 25-basis-point rate cut in December, up from 50.1% a week ago.

 

"The move (in copper) was underpinned by persistent outflows from LME warehouses into US inventories, which continue to climb to fresh records, tightening nearby availability and briefly pushing the cash–three month premium to a five-week high," Kotak Securities said in a report.

 

Market participants are now turning their attention to the Shanghai Metals Week, where miners are likely to push for firmer supply terms for 2026 amid record-low treatment and refining charges and ongoing mine disruptions, the report said.  

 

At 1821 IST, on the MCX, the November futures contract of:
-–ALUMINIUM was at INR 267.80 a kg, up 0.2%
–-Copper was at INR 1,006.50 a kg, up 0.7%
–-LEAD was at INR 180.30 a kg, up 0.3%
–-ZINC was at INR 304.05 a kg, up 0.2%

 

The December futures contract of NICKEL was at INR 1,305.00 a kg, up 0.6%.

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 264.00-INR 272.40
--Copper contract seen at INR 993.10-INR 1,018.10
--Lead contract seen at INR 177.00-INR 182.60
--Zinc contract seen at INR 297.60-INR 309.70
--Nickel contract seen at INR 1,282.80-INR 1,325.80

End

 

 

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

 

Edited by Akul Nishant Akhoury

 

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