Copper Futures
MCX copper futures hit new highs on supply issues in key producing countries
This story was originally published at 11:07 IST on 6 October 2025
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--MCX Oct copper contract hits new record high of INR 999.45 per kg
--MCX Nov copper contract hits new record high of INR 1,003.55 per kg
MUMBAI – Copper futures contracts on the Multi Commodity Exchange of India hit new record highs Monday due to supply concerns from top producer Chile and major supplier Indonesia. Rising demand for the red metal has also supported its prices.
Chile, one of the largest producers of the metal, reported a decline in output of 9.9% on year in August after an accident at Codelco's flagship mine on Jul. 31.
Indonesia's Grasberg mine, the world's second-largest copper mine, continued to suspend operations after a deadly mudslide in early September. The mine has been declared force majeure, and a phased restart might be possible only in the first half of 2026, with a full recovery not expected until 2027. Analysts estimate that the disruption could result in a loss of 591,000 tonnes of copper output between September 2025 and the end of 2026, Reuters reported. This has prompted Goldman Sachs, Citi, and Bank of America to raise copper price forecasts, the report said.
"Bullish momentum in copper continued, with prices spiking to $10,700/t. Investors remained concerned around supply challenges in Chile and Indonesia," Reuters quoted ANZ as saying in a note. "Mine supply challenges, along with China's anti-involution drive, are impacting refined copper production growth."
Meanwhile, copper demand is expected to grow amid the green mobility transition, AI data centre developments, and increased global rearmament. "Artificial intelligence is driving copper demand in ways that weren't part of market forecasts two years ago. Each hyperscale AI data center requires up to 50,000 tons of copper, compared to 5,000-15,000 tons for conventional facilities," according to investing.com.
At 1022 IST, the most traded October futures contract on MCX hit another high at INR 999.7 per kilogram, after touching a record high of INR 999.45 per kg earlier in the day. The November contract also hit another high at INR 1,005.55 per kg after touching INR 1,003.55 per kg previously. On the London Metal Exchange, the three-month futures contract of copper was trading at $10,747 per tonne, up 0.4% 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 Reshma Ravi
Edited by Deepshikha Bhardwaj
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