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Informist, Wednesday, Jan. 7, 2026

By Reshma Ravi

MUMBAI – Futures contracts of copper fell on the Multi Commodity Exchange of India tracking the London Metal Exchange on Wednesday due to profit booking after prices hit a record high in the previous session. On Monday, the three-month contract of copper on the LME hit a record high of $13,387.5 per tonne.

Prices also fell as market participants cautiously await key labour market data releases to gauge the US Federal Reserve interest rate trajectory. Typically, lower borrowing costs boost construction and manufacturing activities, driving demand for copper.

Key releases include the December employment report, due Friday. The data on Friday is expected to show that employers added 60,000 workers in December, according to the median estimate of economists polled by Reuters. The unemployment rate is expected to decline to 4.5%, after an unexpected increase to a four-year high of 4.6% in November.

However, the fall in prices is limited due to supply tightness and strong demand for the industrial metal from artificial intelligence and renewable energy sectors. "COMEX copper slipped from record levels, pressured by a stronger dollar and cautious positioning ahead of major US economic releases. Still, copper prices remain elevated above $13,000/ton, underpinned by tariff-driven supply tightness and resilient demand from grid upgrades, renewables, and data-center investment," Kotak Securities said.

Citi analysts lifted their near-term copper price target to $14,000 per tonne on Tuesday, pointing to strong market momentum that has surpassed both their base and bullish case outlook in their December forecast. However, the bank kept its 2026 average forecast unchanged at $13,000.

Meanwhile, China's central bank said it plans to lower the reserve requirement ratio and cut key policy rates this year to ensure ample liquidity and maintain an accommodative monetary stance, supporting the overall demand outlook, Trading Economics said. 

Nickel rose 5% on Wednesday, on concerns over possible supply restrictions in Indonesia, although consistently elevated LME inventories indicate ongoing structural oversupply, capping further gains.

At 2100 IST, on the MCX, the January futures contract of:

-–ALUMINIUM was at INR 310.15 a kg, down 1.7%
--COPPER was at INR 1,303.00 a kg, down 2.6% 
–-LEAD was at INR 191.85 a kg, down 1.7%
–-ZINC was at INR 309.95 a kg, down 1.8%

--NICKEL was at INR 1,832.00 a kg, up 3.1%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 310.00-INR 316.00

--Copper contract seen at INR 1,310.00 -INR 1,340.00
--Lead contract seen at INR 193.00-INR 198.00

--Zinc contract seen at INR 310.00-INR 316.0

--Nickel contract seen at INR 1,850.00-INR 1,900.00

End

US$1 = INR 89.88

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

Edited by Deepshikha Bhardwaj

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