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Informist, Thursday, Aug. 6, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India Thursday extended gains for the seventh consecutive session on mounting supply concerns as the Democratic Republic of Congo banned exports of copper. Market sentiment was also lifted due to a surge in shipments of the metal to the US in anticipation of tariffs on copper, which has created a supply crunch elsewhere.

 

COPPER prices on the domestic bourse hit a nearly three-month high of INR 1,396.55 earlier in the day. "Copper prices surged more than 1%, with LME copper climbing above $14,300/ton... and COMEX trading close to record highs, as tightening physical supply continued to underpin the market," Kotak Securities said in a report. "Fresh support came after the Democratic Republic of Congo banned exports of copper and cobalt concentrates, adding to global supply concerns," the report said.

 

Copper shipments to the US surged to over 200,000 tonnes in July ahead of potential tariffs on the metal, according to analysts. Supply risks heightened after Chile's state-owned copper miner Codelco said development at its Andes Norte project could remain suspended for up to two years.

 

Physical market indicators remained firmly bullish, with declining on-warrant stocks, rising cancelled warrants and deep backwardation signalling scarce spot availability, Kotak said.

 

At 1938 IST, on the MCX, the August futures contract of:

--ALUMINIUM was at INR 348.20 a kg, up 0.6%
--Copper was at INR 1,379.80 a kg, up 0.4%
–-LEAD was at INR 198.35 a kg, up 0.3%
–-ZINC was at INR 395.85 a kg, up 0.9%

--NICKEL was at INR 1,622.60 a kg, down 1.6%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 345-INR 351

--Copper contract seen at INR 1,375-INR 1,400
--Lead contract seen at INR 197-INR 200

--Zinc contract seen at INR 393-INR 400

--Nickel contract seen at INR 1,600-INR 1,640

End

 

US$1 = INR 95.22

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

 

Edited by Saji George Titus

 

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