- Firmer US dollar, profit-taking pull down LME tags
- India’s copper demand increases 9.3% y-o-y in FY’25
London Metal Exchange (LME) copper prices stood at $10,890/tonne (t) on 31 October 2025, marginally higher than $10,800/t a week earlier, but down from the recent 16-month peak of $11,200/t earlier in the week. The market continues to trade near multi-month highs amid persistent supply concerns and resilient global demand.After a strong rally in late October, prices eased slightly as traders booked profits and sentiment cooled amid a firmer US dollar and mixed macro cues from China. Data showing weaker Chinese manufacturing activity and slower short-term industrial orders prompted minor corrections. However, analysts noted that the retracement was largely technical, as fundamentals — including tight refined supply and low inventories – remain supportive.
On the supply side, Glencore reported a 17% y-o-y drop in copper output to 583,500 t in the first nine months of 2025, revising its annual production guidance to 850,000-875,000 t. Freeport-McMoRan’s Grasberg mine in Indonesia remains under force majeure, and Anglo American has cut its 2026 outlook due to falling ore grades, deepening expectations of a global deficit through 2026.
Meanwhile, India’s copper consumption rose 9.3% y-o-y to 1,878,000 t in FY’25, up from 1,718,000 t in FY’24, according to the International Copper Association (ICA India). The growth was led by infrastructure (+17%), building construction (+11%), and consumer goods (+19%), alongside record renewable-energy capacity additions and rising EV adoption.
Outlook
Market participants expect near-term copper prices to stay range-bound, with global mine supply constraints offsetting short-term demand uncertainties. In the medium term, copper remains underpinned by the energy transition, infrastructure investments, and electrification megatrends, positioning India as a key growth engine in the global copper market.
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