MCX copper rises to new record high after Canadian miner lowers output view
This story was originally published at 15:07 IST on 9 October 2025
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--MCX Oct copper contract hits new record high of INR 1,015.05 per kg
MUMBAI – Copper futures on the Multi Commodity Exchange of India rose to fresh record highs Thursday due to concern over supply after Canadian miner Teck Resources Ltd. lowered its production forecast. Multiple supply disruptions at major mines across the globe have market participants worried about a potential supply deficit in the global copper market this year.
At 1449 IST, the most-active October copper contract on MCX was 1.4% higher at INR 1,012.80 per kg, after hitting a new record high of INR 1,015.05 per kg earlier in the day. On the London Metal Exchange, prices are currently 2.0% higher at $10,883.0 per tonne.
Canadian miner Teck Resources Ltd. lowered its production forecast for the Quebrada Blanca mine in Chile to 170,000-190,000 tonnes for this year from its previous estimate of 210,000-230,000 tonnes. It has also lowered its annual production targets for the next three years. Moreover, accidents and suspension of operations at major mines in Indonesia and Chile amplified supply concerns. "The downgrade adds to a string of global supply disruptions spanning Chile, Indonesia, and the DRC (Democratic Republic of Congo), which have pushed copper prices up more this year despite sluggish demand," Kotak Securities said in a report.
Mining giant Freeport-McMoRan has declared force majeure on contracted supplies from Grasberg, the world's second-largest copper mine, and suspended operations after a large flow of wet material blocked access to parts of the underground mine, restricting evacuation routes for workers. Chile's copper output fell nearly 10% in August after a deadly accident at Codelco's flagship mine. The mudslide at Indonesia's Grasberg mine has taken about 3% of global supply offline. End
US$1 = INR 88.79
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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