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Informist, Tuesday, Dec. 23, 2025

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India Tuesday, tracking a rise in contracts on the London Metal Exchange because of weakness in the dollar. COPPER prices on the domestic bourse rose to fresh all-time highs earlier in the day as concerns about supply tightness were exacerbated after China's top smelters agreed to zero treatment and refining charges for 2026.

 

At 1645 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.4% at 97.86. A weak dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

 

The most-active December copper contract on the MCX rose to a new record high of INR 1,140.00 per kg earlier in the day. Copper remains on track for its strongest annual performance since 2009, driven primarily by tightening supply conditions, according to Kotak Securities.

 

"Disruptions at major mines in Chile and Peru, output delays in Indonesia, and a lack of new projects have constrained global concentrate availability. This tightness was further underscored by Chinese smelters agreeing to zero treatment and refining charges for 2026, the lowest on record, highlighting miners' growing leverage," the brokerage said in a report.

 

Moreover, demand for the metal remains resilient from power grids, data centres, and artificial intelligence-related infrastructure, according to analysts.

 

At 1641 IST, on the MCX, the December futures contract of:
-–ALUMINIUM was at INR 286.75 a kg, up 0.8%
--Copper was at INR 1,139.95 a kg, up 1.6%
–-LEAD was at INR 182.25 a kg, up 0.3%
–-ZINC was at INR 306.45 a kg, up 1.2%

 

The January futures contract of NICKEL was at INR 1,450.00 a kg, up 5.6%.

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 282.80-INR 290.50
--Copper contract seen at INR 1,111.70-INR 1,154.70
--Lead contract seen at INR 181.00-INR 183.90
--Zinc contract seen at INR 298.80-INR 311.80

--Nickel contract seen at INR 1,410.00-INR 1,480.00

End

 

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

 

Edited by Vandana Hingorani

 

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