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Informist, Friday, Dec. 12, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange rose to fresh all-time highs Friday, supported by the US Federal Reserve's 25-basis point rate cut and supply concerns. COPPER prices on the domestic bourse were also supported by a sharp fall in the rupee against the dollar.

 

Copper prices on the MCX rose to a new all-time high of INR 1,124.80 earlier in the day. The rupee ended at a record closing low against the dollar for the second consecutive trading day Friday. After touching a record low of 90.5600 a dollar during the day, the rupee settled at 90.4150 Friday, lower than 90.3675 Thursday. When the rupee depreciates against the dollar, prices of base metals such as copper in the domestic market adjust as these are priced in rupees.

 

"Base metals strengthened on Friday, with copper surging to a fresh record near $11,950/ton and heading for a third straight weekly gain," Kotak Securities said in a report. "The latest rally was driven by the US Federal Reserve's rate cut and renewed balance-sheet expansion, which weakened the dollar and improved liquidity conditions. Supply tightness remained a key theme, with ongoing disruptions in major producers such as Chile and Peru and continued outflows of copper toward the US ahead of potential tariff measures," it added.

 

Market sentiment was also supported by China's commitment to a "proactive" fiscal stance in 2026, reaffirmed at its annual economic planning meeting, raising expectations of stronger demand from infrastructure, renewables, and power-grid investment, the Kotak report said.

 

At 1643 IST, on the MCX, the December futures contract of:
-–ALUMINIUM was steady at INR 280.80 a kg
--Copper was at INR 1,119.30 a kg, up 0.7%
–-LEAD was at INR 182.20 a kg, up 0.2%
–-ZINC was at INR 322.20 a kg, up 0.7%

--NICKEL was steady at INR 1,290.10 a kg

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 276.20-INR 286.30
--Copper contract seen at INR 1,088.90-INR 1,144.10
--Lead contract seen at INR 180.70-INR 183.30
--Zinc contract seen at INR 314.60-INR 329.70

--Nickel contract seen at INR 1,267.30-INR 1,312.70

 

End

 

US$1 = INR 90.41

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

 

Edited by Subhojit Sarkar

 

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