DBT Bureau
Pune, 27 Oct 2025
Copper prices edged higher by 0.46% to settle at 994.6, supported by optimism over U.S.–China relations and expectations of fresh policy support from Beijing. Prices gained after the White House confirmed an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping, while China’s Fourth Plenum reaffirmed its focus on boosting domestic consumption and technological innovation. Supply concerns also underpinned the market, with Shanghai Futures Exchange copper inventories falling by 4.9% week-on-week. Meanwhile, mine disruptions in Indonesia and Chile continued to tighten supply. Indonesia may soon allow Amman Mineral International to resume copper concentrate exports, following earlier restrictions. However, Freeport-McMoRan’s export halt from Indonesia and production disruptions at the Grasberg mine have constrained global shipments. China’s copper output in September dropped 2.7% month-on-month, while imports of copper concentrate declined 6.2% due to the export license expiry at Grasberg. Refined copper imports into China rose 14.1% in September, reflecting strong downstream demand despite weaker premiums in Yunnan. On the global front, the International Copper Study Group (ICSG) reported a 57,000-ton surplus in July and projected a refined copper surplus of 178,000 tons in 2025, followed by a deficit of 150,000 tons in 2026. Technically, the market is under short covering as open interest dropped by 23.54% to 2,969 while prices gained 4.6. Copper finds support at 988.9, and a break below could test 983.1, while resistance is seen at 999.6, with further upside potential toward 1004.5.
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