Price breakout
MCX copper futures at record highs riding on global supply disruptions
This story was originally published at 10:56 IST on 3 October 2025
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--MCX Nov copper contract hits new record high of INR 977 per kg
--MCX Oct copper contract hits new record high of INR 972.55 per kg
MUMBAI – Copper futures contracts on Multi Commodity Exchange of India reached record highs in early trade Friday on account of supply concerns following disruptions in leading producer countries.
Chile, one of the largest producers of the metal, reported a near 10% on-year decline in August output, while state-owned giant Codelco announced a suspension of mining and smelting at its El Teniente site.
Additionally, a mudslide at Indonesia's Grasberg mine has taken about 3% of the global supply offline, with full recovery not expected until 2027, Kotak Securities said in a report.
Experts believe this could be a long-term problem, as demand for the metal is seen rising. "Today's breakout in copper is only the beginning," said Kedia Advisory in a note. "The next two years will likely see 20–25% gains across the base metal complex. Copper and zinc are expected to lead this move, with aluminum and lead gradually participating in the rally."
At 1000 IST, the most-traded October future contract on MCX traded at INR 970.45 per kilogram, after touching a record high of INR 972.55 per kg earlier in the day. The November contract was trading at INR 975.1 per kg after touching INR 977 per kg. On the London Metal Exchange, the 3-month futures contract of copper was trading at $10,490 per tonne, up 1.07% from its previous close. End
US$1 = INR 88.77
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Abhijit Doshi
Edited by Tanima Banerjee
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