India Base Metals
MCX copper rises more, tracking gains in global prices
This story was originally published at 17:53 IST on 2 January 2026
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By Afra Abubacker
NEW DELHI – Future contracts of copper on the Multi Commodity Exchange of India rose more Friday, tracking gains in global benchmark prices. Copper prices inched higher, supported by firm industrial demand for the metal and positive signs of demand recovery in China.
At 1700 IST, the January COPPER contract on MCX was up 1.2% at INR 1,308.45 per kilogram. On Monday, the contract had hit a record high of INR 1,392.95 per kg. The benchmark copper prices were up nearly 1% on COMEX and 0.5% on the London Metal Exchange.
International copper prices opened higher in the new year after rallying in December, driven by firm demand and structurally tight supply. Copper prices are over 40% higher on year on COMEX and LME amid strong demand for the metal from artificial intelligence and renewable energy sectors. Concerns over supply amid disruptions at major mines are also supporting prices.
"Supply shocks in Indonesia, the Democratic Republic of Congo, and Latin America have combined to send prices higher," Dow Jones quoted analysts at SP Angel as saying. "We suspect the recent copper rally is more reflective of supply-demand fundamentals rather than speculative capital betting on improved global growth in 2026."
"In 2026, base metals prices will take direction from demand in China. China's factory activity unexpectedly grew in December, snapping a record eight straight months of decline, lifted by a rise in pre-holiday orders as officials seek to spur the $19 trillion economy's manufacturing sector without worsening deflation," SMC Global Securities said in a note.
China's manufacturing purchasing managers' index expanded to 50.1 in December from 49.2 in November, official data showed Wednesday. The data beat analysts' expectation of 49.2 in a Reuters poll.
At 1213 IST, on the MCX, the January futures contract of:
-–ALUMINIUM was at INR 304.75 a kg, up 2.1%
--COPPER was at INR 1,291.00 a kg, up 0.4%
–-LEAD was at INR 183.05 a kg, up nearly 0.2%
–-ZINC was at INR 309.35 a kg, up 0.4%
--NICKEL was at INR 1,609.00 a kg, down nearly 0.2%.
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 295.00-INR 300.00
--Copper contract seen at INR 1,280.00 -INR 1,320.00
--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 1,595.00-INR 1,630.00
End
US$1 = INR 90.20
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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