MCX Dec copper hits record high on weak rupee, firm global prices
This story was originally published at 11:37 IST on 12 December 2025
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--MCX Dec copper hits a record high of INR 1,116.60 per kg
NEW DELHI – Futures contracts of copper on the Multi Commodity Exchange hit an all-time high on Friday as the rupee hit a record low against the dollar. Copper contracts on the domestic bourse also rose after prices on LME hit a record high on Thursday.
Copper prices have firmed up due to monetary policy easing in the US, acute physical tightness, and supply disruptions at major mines. Strong demand for electric vehicles, renewable energy, and artificial intelligence-related data centres also support prices of the red metal.
At 1054 IST, the most-active December contract of copper on MCX was up 0.1% at INR 1,113.2 per kg, after rising to a record high of INR 1,116.60 per kg earlier in the day. Copper prices rose on the domestic bourse as the Indian rupee fell to a record low of 90.5600 a dollar on Friday, with banks persistently buying dollars for year-end outflows from Indian corporates and for oil marketing companies.
"Immediate support stands at INR 1,093, with a break potentially exposing INR 1,074. Resistance is positioned at INR 1,122.5, and a sustained move above this level could open the path toward 1,133," Kedia Advisory said in a note. Kotak Securities expects copper prices to rise further to INR 1,141.00 per kg, if prices break INR 1,123 per kg later in the day.
At 1054 IST, the three-month copper contract on LME was down 0.4% at $11,822.00 per tonne. Prices fell as traders possibly booked profits after copper hit a record high of $11,906 per tonne in the previous session after the US Federal Reserve cut rates to 3.50-3.75% on Thursday. Typically, lower borrowing costs boost construction and manufacturing activities, aiding demand for the metal.
Amid rising electrification and structural supply shortages due to disruptions at major mines, ANZ Research has forecast that copper prices will remain above $11,000 per tonne throughout 2026, driven by tight supply and accelerating demand, potentially approaching $12,000 by the year-end. This forecast is higher than the previously expected range of $9,800-$10,800 per tonne for the four quarters of 2026.
Meanwhile, Kotak Securities expects domestic copper prices to rise 10% to INR 1,210-INR 1,220 per kg in 2026. End
US$1 = INR 90.34
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Avishek Dutta
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