MCX copper hits fresh record high tracking gains on LME, rising supply woes
This story was originally published at 10:06 IST on 24 December 2025
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--MCX Dec copper hits record high of INR 1,150.8 per kg
MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India rose to fresh all-time highs tracking the gains in prices of copper on the London Metal Exchange. Copper prices on the LME rose due to a weakening of the dollar. A weak greenback makes the dollar-denominated commodities appealing for holders of other currencies, thereby boosting demand. Copper prices also rose as concerns about supply tightness were exacerbated after China's top smelters agreed to zero treatment and refining charges for 2026.
At 0928 IST, the December copper contract was up over 1% at INR 1,148.95 per kilogram after hitting the record high of INR 1,150.8 per kg.
Copper prices also rose due to concerns about supply tightness amid growing demand for the industrial metal. "COMEX copper inventories hit a record high, exacerbating concerns about tight supply in non-US regions and adding further momentum to the rise in copper prices," according to Shanghai Metals Market. "Disruptions at major mines in Chile and Peru, output delays in Indonesia, and a lack of new projects have constrained global concentrate availability. This tightness was further underscored by Chinese smelters agreeing to zero treatment and refining charges for 2026, the lowest on record, highlighting miners' growing leverage," Kotak Securities said in a report.
Growing expectations of a rate cut by the US Federal Reserve in 2026 also supported the dollar-priced metal. Typically, lower borrowing costs boost construction and manufacturing activities, aiding copper demand. End
US$1 = INR 89.68
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Udita S. Jaiswal
Edited by Tanima Banerjee
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