India Base Metals
All up on MCX as rupee down; copper hits record high
This story was originally published at 19:05 IST on 1 December 2025
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By Afra Abubacker
NEW DELHI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India on Monday, supported by a weaker rupee against the dollar. Copper contracts on the domestic bourse hit a record high, tracking gains in global copper prices on the LME.
The rupee closed down 0.1% at 89.54 against the dollar, after hitting a record low of 89.78 earlier in the day. Copper prices on the domestic bourse are trading in the green, tracking gains in LME, and "because of the rupee factor. It is at an all-time low", Amit Gupta, analyst at Kedia Advisory, said.
At 1816 IST, the most active December COPPER contract on the MCX was up 1% at INR 1,046.5 per kg, after touching a record high of INR 1,048 per kg. Copper prices rose to record levels amid firm demand and global supply constraints. "The rally mirrored record highs on the LME, supported by reduced production in Chile, planned output cuts by Chinese smelters, and a softer US dollar as markets anticipate `a potential Fed rate cut," Kedia Advisory said in a note.
"Sustained trades above INR 1,035 region may offer upward momentum. Slipping below the same level may induce corrective dips," Geojit Financial Services said in a report.
Copper prices on the LME rose amid firm demand and concerns over supply. Chile's copper output fell 7% on year in October to 458,405 tonnes, reinforcing expectations of lower global availability. Prices also rose after Chile's Codelco offered record premiums to Chinese buyers, hinting at a potential shift to favour US customers.
"The miner's offer of $350 per tonne above LME prices, up sharply from $89 last year, underscored tightening global supply and reinforced the long-term bullish outlook for copper amid expectations of deepening deficits," SMC Global Securities said in a report.
Expectations of a rate cut by the US Federal Reserve in December also supported the red metal. According to the CME's FedWatch tool, 87.6% of traders are now pricing in a 25-basis-point rate cut in December, while 12.4% of traders anticipate no change in interest rates. Typically, lower borrowing costs boost construction and manufacturing activities, aiding copper demand.
At 1816 IST, the three-month contract of copper on the LME was up 0.1% at $11,194.0 per tonne, after hitting a record high of $11,294.5 per tonne. "Since late August, LME copper has surged roughly 13% amid persistent shortages," Kedia Advisory said.
At 1816 IST, on the MCX, the December futures contract of:
-–ALUMINIUM was at INR 275.5 a kg, up 0.8%
–-COPPER was at INR 1046.5 a kg, up 1%
–-LEAD was at INR 181.9 a kg, up 0.1%
–-ZINC was at INR 306.6 a kg, up 1.1%
--NICKEL was at INR 1,317 a kg, up 0.2%.
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 273.00-INR 277.00
--Copper contract seen at INR 1,034.00-INR 1,054.00
--Lead contract seen at INR 180.50-INR 183.00
--Zinc contract seen at INR 304.00-INR 308.00
End
US$1 = INR 89.55
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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