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Informist, Thursday, Nov. 27, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India were steady Thursday as market participants await China's manufacturing purchasing managers' index data, due on Sunday. Sentiment remains supportive for the red metal on expectation of an interest rate cut by the US Federal Reserve next month, according to analysts.

Initial unemployment claims in the US for the week ended Saturday fell to a seven-month low of 216,000, down from 222,000 claims the prior week and lower than 225,000 expected in a Reuters poll. Durable goods orders in September rose 0.5%, slightly higher than 0.3% expected but down from 3.0% in August. However, the Federal Reserve's Beige Book release--a compilation of anecdotal information by the Fed's various branches across the country--showed that consumer spending had softened and the labour market had cooled, setting the stage for further rate reductions, Informist reported. According to the CME Fedwatch tool, around 85% of traders are expecting a 25-basis-point cut in December, up from 39% a week ago.

Copper prices could also get support from tightening physical market conditions after Chile's state miner Codelco raised its 2026 premium offer to Chinese buyers to $350 per tonne, a sharp increase from this year's $89, Kotak Securities said in a report. This reinforcing expectations of tightening availability outside the US and highlighting concerns of regional supply imbalance, the report said.

Market participants are now waiting for China's manufacturing purchasing managers' index due Sunday for further cues about demand in the top metals consuming country.

At 1435 IST, on the MCX, the December futures contract of:
-–ALUMINIUM was at INR 271.20 a kg, down 0.4%
–-Copper was steady at INR 1,020.45 a kg
–-LEAD was at INR 181.55 a kg, up 0.1%
–-ZINC was at INR 300.55 a kg, down 0.2%

--NICKEL was at INR 1,310.00 a kg, down 0.3%.

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 269.00-INR 273.00
--Copper contract seen at INR 1,012.00-INR 1,028.00
--Lead contract seen at INR 180.00-INR 182.50
--Zinc contract seen at INR 299.00-INR 303.00
--Nickel contract seen at INR 1,300.00-INR 1,320.00

End

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

Edited by Akul Nishant Akhoury

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