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Informist, Tuesday, Jan. 6, 2026

By Afra Abubacker

NEW DELHI – Futures contracts of copper on the Multi Commodity Exchange of India rose further Tuesday, tracking gains in global benchmark prices. International copper prices on the London Metal Exchange hit a fresh record high Tuesday as investors scrambled to secure supplies amid a surge in demand, tariff uncertainties, and geopolitical risks.

At 1700 IST, the January COPPER contract on MCX was up 0.5% at INR 1,325.2 per kilogram. The benchmark three-month copper contract on the LME was up 0.6% at $13,173.00, after hitting a record high of $13,387.5 per tonne.

Copper prices have been rising amid supply concern due to mine disruptions and strong demand for the industrial metal from artificial intelligence and renewable energy sectors. London copper rallied 42% in 2025 while Shanghai copper rallied 33%, Reuters reported. "Broad risk-on sentiment dominated the copper market upon investors' return in the new year, as fresh mine disruptions and concerns over regional dislocation under the United States tariff support the market," Reuters quoted traders as saying. 

The strike at Chile's Capstone Copper's Mantoverde copper and gold mine also raised supply concerns in a structurally tight market. In addition, China's Tongling Nonferrous Metals Group reported delays in the launch of its  Ecuadorian mine's second phase, adding fears that new supplies may take longer to reach the market. 

Meanwhile, inventories in exchange-monitored warehouses showed regional disparities. US copper stocks on COMEX warehouses have climbed, but LME copper stocks have declined. The US Secretary of Commerce is due to provide an update by Jun. 30 that will determine whether the administration moves ahead with a universal duty on refined copper of 15% in 2027 and 30% in 2028, Dow Jones reported.  The prospect of such import restrictions has prompted traders to accelerate shipments to the US in recent weeks, squeezing supply elsewhere, it added. 

"Base metals have started the new year with further gains...Surprisingly positive sentiment indicators from China have contributed to this positive start: the official purchasing managers' index for the manufacturing sector rose by almost one point, climbing above the 50-point expansion mark for the first time since March 2025," Commerzbank Research said in a note.

However, high copper prices have suppressed China's appetite for the red metal. "Downstream sectors return to inertia. Overall, both inventory and copper prices reached new highs, downstream players retreated to the sidelines again, and spot trades were quiet," according to Shanghai Metals Market. 

At 1721 IST, on the MCX, the January futures contract of:

-–ALUMINIUM was at INR 311.95 a kg, up 1.7%
--COPPER was at INR 1,324.85 a kg, up 1% 
–-LEAD was at INR 189.00 a kg, up 2.5%
–-ZINC was at INR 308.90 a kg, up 0.8%

--NICKEL was at INR 1,624.00 a kg, up 1.7%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 305.00-INR 309.00

--Copper contract seen at INR 1,310.00 -INR 1,330.00
--Lead contract seen at INR 183.00-INR 186.00

--Zinc contract seen at INR 309.00-INR 314.0

--Nickel contract seen at INR 1,585.00-INR 1,626.00

End

US$1 = INR 90.16

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

Edited by Akul Nishant Akhoury

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