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Informist, Friday, Nov. 28, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India and the London Metal Exchange Friday due to rising expectations of a rate cut by the US Federal Reserve in December. Market participants are cautiously awaiting China's manufacturing purchasing managers' index data, due on Sunday, for further cues about demand in the top metal consumer.  

 

COPPER prices rose due to rising hopes of a Fed rate cut in December, Ajay Kedia, director of Kedia Advisory, said. According to the CME's FedWatch tool, 84.7% of traders are now pricing in a 25-basis-point rate cut in December, up from 71.0% a week ago. Typically, lower borrowing costs boost construction and manufacturing activities, aiding demand.

 

The expectation of a rate cut rose after Kevin Hassett, a close ally of US President Donald Trump, emerged as the frontrunner to become the next Fed chair. Hassett argued that the central bank should reduce interest rates despite September job growth, criticised Fed Chair Jerome Powell's monetary policy as "partisan," and suggested that the next chair should "clean house," the Financial Express reported, citing a Yahoo Finance interview.   

 

Copper prices also rose after Chile's state miner Codelco increased its prices for Chinese buyers to a $350-per-tonne premium over the London Metal Exchange. This is $89 per tonne higher than the price agreed at last year's negotiations. "The move reinforces the market's long-term bullish outlook for copper, as a fragile supply-demand balance is expected to tip into deeper deficits over the coming years," according to Trading Economics.

 

Meanwhile, International Copper Study Group Secretary General Paul White said copper output growth is projected to slow to 0.9% in 2026, according to a ICICI Direct report.  

 

At 1716 IST, on the MCX, the December futures contract of:
-–ALUMINIUM was at INR 271.20 a kg, up 0.4%
–-COPPER was at INR 1,023.60 a kg, up 0.3%
–-LEAD was at INR 182.15 a kg, up 0.2%
–-ZINC was at INR 300.70 a kg, up 0.5%

--NICKEL was at INR 1,315.00 a kg, up 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 1,015.00-INR 1,028.00
--Lead contract seen at INR 181.00-INR 183.00
--Zinc contract seen at INR 297.00-INR 303.00
--Nickel contract seen at INR 1,300.00-INR 1,325.00

 

End

 

US$1 = INR 89.45

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

 

Edited by Saji George Titus

 

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