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Informist, Monday, Aug. 3, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India and the London Metal Exchange extended gains Monday on concern about persisting supply disruptions. Market sentiment was also lifted by a drop in inventories at warehouses registered with the LME.

 

"Chinese smelters are grappling with a shortage of copper concentrate and scrap copper, which has sent key spreads higher," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "The import premium spiked to USD115/t (per tonne) last week, the highest level since 2022." Smelter production in China has subsequently suffered, with July output down 1.6% month-on-month at 1.1 million tonnes, Hynes said.

 

Deadly storms in Chile, which is among the top COPPER producers in the world, have disrupted mining activities. Mining operations of major producers such as Anglo-American, Antofagasta, Lundin Mining, and Codelco have been affected, as per media reports.

 

Copper inventories at LME-registered warehouses declined 5,825 tonnes Monday to 250,925 tonnes. A similar quantum of inventory drawdown had taken place Friday as well.

 

Signs of progress in peace negotiations between the US and Iran also supported market sentiment. US President Donald Trump held off fresh attacks on Iran and said negotiations with Tehran would begin Monday afternoon. Trump said late Saturday that Iran and other West Asian countries had asked for time to complete a deal that would lead to "the Immediate, Complete and Total" reopening of the Strait of Hormuz and "an end to Iran's nuclear threat", but that Tehran must "rapidly make a DEAL".

 

At 1651 IST, on the MCX, the August futures contract of:

--ALUMINIUM was at INR 342.85 a kg, down 0.6%
--Copper was at INR 1,346.00 a kg, up 0.3%
–-LEAD was at INR 196.80 a kg, up 0.2%
–-ZINC was at INR 388.60 a kg, up 1.3%

--NICKEL was at INR 1,644.00 a kg, down 0.8%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 340-INR 346

--Copper contract seen at INR 1,335-INR 1,355
--Lead contract seen at INR 195-INR 198

--Zinc contract seen at INR 385-INR 391

--Nickel contract seen at INR 1,630-INR 1,680

 

End

 

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

 

Edited by Shubhayan Bhattacharya

 

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