India Base Metals
MCX copper up on weak rupee despite thin trading
This story was originally published at 19:14 IST on 1 January 2026
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By Reshma Ravi
MUMBAI – Future contracts of copper on the Multi Commodity Exchange of India rose on Thursday because of a weak rupee against the dollar. Prices also rose due to supply concerns and trade-related uncertainties. Prices rose despite thin trading and a lack of fresh triggers from international markets on account of New Year's Day holiday.
The rupee closed at 89.9625, down 0.1% against the dollar. When the rupee depreciates against the dollar, prices of copper in the domestic market adjust as the metal is priced in rupees.
Supply risks were amplified by labour protests in Chile and Peru and renewed threats of US import tariffs on copper, prompting traders to rush shipments into US ports ahead of potential levies. "Supply-side constraints remain entrenched after years of underinvestment and mine disruptions, compounded by plans from China's leading smelters to cut output by more than 10% in 2026 to tackle overcapacity and negative processing fees," SMC Global Securities said in a report.
Prices also rose due to strong demand supported by accelerating investments in electric vehicles, renewable energy, power grid upgrades, and AI-related infrastructure.
Additionally, "For 2026, copper is expected to trade with higher volatility but maintain a bullish bias. Immediate upside potential remains toward USD 14,150 per tonne, aligned with measured-move projections from the rounding bottom breakout. Pullbacks are likely to be corrective and shallow, supported by strong demand visibility and constrained supply," Kedia Advisory said in a report.
At 1213 IST, on the MCX, the January futures contract of:
-–ALUMINIUM was at INR 297.40 a kg, up 0.2%
--COPPER was at INR 1,291.00 a kg, up 0.4%
–-LEAD was steady at INR 182.70 a kg
–-ZINC was at INR 308.15 a kg, up 0.2%
--NICKEL was at INR 1,613.0 a kg, up 0.5%.
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 295.00-INR 299.00
--Copper contract seen at INR 1,275.00 -INR 1,305.00
--Lead contract seen at INR 181.00-INR 184.00
--Zinc contract seen at INR 306.00-INR 310.0
--Nickel contract seen at INR 1,540.00-INR 1,620.00
End
US$1 = INR 89.96
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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