Copper futures climb on global cues, supply concerns

New Delhi, Sep 12 (PTI) Copper futures rose Rs 4.30 to Rs 917.30 per kilogram in the domestic futures market on Friday as speculators widened their positions, tracking firm global trends.

On the Multi Commodity Exchange (MCX), copper contracts for October delivery increased Rs 4.30 or 0.47 per cent to Rs 917.30 per kg in a business turnover of 6,021 lots.

The most traded red metal futures for September delivery extended the gains for the fifth straight session by appreciating Rs 4.45 or 0.48 per cent to Rs 922.55 per kg on the MCX.

"Copper extended gains for the fifth consecutive session, supported by growing expectations of interest rate cuts by the Federal Reserve, which boosted the sentiment in the base metals market," brokerage firm Axis Securities said.

In the international markets, Copper futures on the London Metal Exchange rose 0.38 per cent to USD 10,051.50 per tonne. Comex copper futures went up 0.64 per cent to USD 4.68 per pound.

Mining company Freeport on Friday said that production at Grasberg will remain suspended after a mud flow blocked parts of the underground complex.

Grasberg, which is jointly owned by Freeport and the Indonesian government, is the world's second-biggest copper mine by reserves.

The mine produced about 8,16,466 tonnes of copper in 2024, representing nearly 3.6 per cent of global mined copper output.

"Further, support came from supply disruptions in Indonesia, which reignited concerns over global availability of the industrial metal," the brokerage firm said. PTI DR HG HG SHW