Copper prices concluded the session unchanged at Rs 1020.7, with a rebound in the U.S. dollar and disappointing economic indicators from China contributing to a lackluster sentiment. In October, industrial profits in China experienced a contraction, exacerbated by rising concerns regarding the debt situation of developer Vanke. The ongoing 2%–3% premium of Comex over LME has consistently attracted metal into U.S. warehouses, resulting in Comex stocks reaching a record 378,900 tons, whereas LME inventories have decreased by 42% this year to 157,175 tons. The expanding disparity is generating apprehensions regarding the constriction of supplies beyond the borders of the United States.

The LME cash-to-three-month premium has recently reached a five-week high of $25 per ton, indicating localized tightness in the market. From a fundamental perspective, the global copper cathode market is projected to exhibit a surplus of 350,000–400,000 tons this year; however, a deficit of 500,000 tons in copper concentrate is expected to continue into the following year. In October, China experienced a significant decline in copper cathode imports, which fell by 22.1% compared to the same month last year, suggesting a decrease in demand.

In the interim, global supply issues persist as a result of mine disruptions; however, Freeport-McMoRan has indicated that production at Grasberg is expected to recommence by July 2026. Cochilco and Goldman Sachs have adjusted their long-term price forecasts upward, with Goldman anticipating that copper may attain $15,000 per ton by 2035, propelled by structural deficits.

From a technical perspective, the market is experiencing new selling pressure, as evidenced by a 1.78% increase in open interest, bringing it to 8,692. Support is positioned at Rs 1,018.3, and a breach beneath this level is expected to challenge Rs 1,016. Resistance is currently identified at Rs 1,022.6, and surpassing this threshold could pave the way toward Rs 1,024.6.