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Informist, Tuesday, Dec. 23, 2025

--MCX Dec copper hits record high of INR 1,128.3 per kg 

MUMBAI – Futures contract of copper on the Multi Commodity Exchange of India hit a record high on Tuesday due to tight supply conditions and optimism surrounding long-term infrastructure and electrification demand. China's top copper smelters plan to reduce output by more than 10% in 2026 to counter overcapacity, leading to increasingly distorted copper concentrate processing fees, according to a report by Reuters.

Prices were also supported as Chilean miner Antofagasta and a Chinese smelter agreed on  zero processing fee for 2026 copper concentrate, Reuters reported. The copper concentrate treatment and refining charges are at the lowest level ever agreed in annual supply talks. Miners traditionally pay treatment charges or refining charges to smelters to cover the cost of converting copper concentrate into the refined metal. The charges fall when mine supply tightens and smelters accept poorer terms to secure concentrate. 

At 1058 IST, the most-active December contract of copper was up 0.5% at INR 1,126.70 per kg on the MCX, after touching a record high of INR 1,128.3 per kg. Support for copper on the MCX is seen at INR 1,118.00 per kg and resistance at INR 1,138.00 per kg, according to analysts.

Pre-emptive stockpiling in the US ahead of potential tariffs has further tightened availability elsewhere, while long-term demand remains robust, Kotak Securities said in a note.

Copper prices also rose due to growing expectations of two rate cuts by the US Federal Reserve in 2026. Typically, lower borrowing costs boost construction and manufacturing activity, driving demand for copper. "On the demand side, copper continues to benefit from its critical role in power grids, data centres, and AI-related cooling infrastructure," Kedia Advisory said in a note.

"Prices would also get support on growing bets of fresh round of stimulus from China to counter slowdown in the property sector," ICICI Direct said in a report.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Reshma Ravi

Edited by Nishant Maher

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