India Base Metals
Copper surges to record high on supply woes, firm demand
This story was originally published at 17:51 IST on 24 December 2025
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By Ashutosh Pati
MUMBAI – Futures contracts of copper surged to new record highs on the Multi Commodity Exchange of India and the London Metal Exchange Wednesday. Prices drew support from concern about global tightness in supply of the metal, exacerbated after China's top smelters agreed to zero treatment and refining charges for 2026. Firm demand from China and the US also supported prices, according to analysts.
The most-active January COPPER contract on the MCX rose to a new record high of INR 1,181.9 per kg earlier in the day. On the LME, prices surged above $12,000 per tonne and hit an all-time high of $12,282.40 per tonne.
"Copper's move reflects concerns over global availability, with mine disruptions in Indonesia, Chile, and Peru further constraining output," Kotak Securities said in a report. "The suspension of operations at Freeport's mine and slowing production across South America have tightened concentrate markets, forcing Chinese smelters to accept zero treatment and refining charges for 2026."
With limited new mine capacity, structurally tight supply, and resilient demand from technology and electrification sectors, copper is now on track for its strongest annual gain since 2009, it added.
At 1714 IST, on the MCX, the January futures contract of:
-–ALUMINIUM was at INR 287.90 a kg, up 0.4%
--Copper was at INR 1,176.85 a kg, up 2.0%
–-LEAD was at INR 182.20 a kg, up 0.3%
–-ZINC was at INR 307.05 a kg, up 0.6%
--NICKEL was at INR 1,463.90 a kg, up 0.9%.
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 285.00-INR 290.00
--Copper contract seen at INR 1,166.00-INR 1,188.00
--Lead contract seen at INR 180.00-INR 184.00
--Zinc contract seen at INR 305.00-INR 309.00
--Nickel contract seen at INR 1,445.00-INR 1,480.00
End
US$1 = INR 89.78
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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