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Informist, Thursday, Jan. 8, 2026

By Afra Abubacker

NEW DELHI – Futures contracts of copper on the Multi Commodity Exchange of India fell further on Thursday, tracking losses in global benchmark prices. International copper prices declined as the dollar strengthened and traders booked profits after the sharp rally earlier this week. 

At 1721 IST, the January COPPER contract on MCX was down over 2% at INR 1,278.8 per kilogram. The benchmark three-month copper contract on the LME was down 0.1% at $12,898.55 per tonne, after hitting a record high of $13,387.5 per tonne on Tuesday. 

"Copper prices retreated in early trade, slipping back below the $13,000 per tonne mark on LME as traders booked profits," Dow Jones reported. Prices had rallied earlier this week on concerns over tightening supply and tariff uncertainty in the US. "While long-term prospects for copper remain bullish, the pace of the rally, up more than 40% last year, the strongest since 2009, has raised the risk of sharp pullbacks as profit-taking sets in," Dow Jones quoted Soojin Kim, analyst at MUFG Research. 

"Copper prices are expected to trade with a negative bias amid a strong dollar, risk aversion across the global markets, and a rise in inventories at LME-registered warehouses," ICICI Direct said in a report. Prices may slip further on weak demand from China, it added. "MCX Copper Jan is expected to slip...A break below INR 1,290 level may open doors for INR 1,280-INR 1,270 levels," the brokerage said. However, a sharp downside is likely to be cushioned on supply concerns amid a series of disruptions and recurring protests at mines.

According to media reports, the workers' union at Capstone Copper's Mantoverde mine in Chile is on strike since they failed to reach a collective bargaining agreement with the company. On Wednesday, the union in a statement said it expected a lengthy strike and that the mine was almost completely shut down, Reuters reported. 

Meanwhile, S&P Global said on Thursday that growth in artificial intelligence and defence sectors will boost global copper demand by 50% by 2040. Demand is projected to rise to 42 million tonnes a year by 2040, from 28 million tonnes in 2025. However, without the emergence of sufficient new mining facilities and recycling capacities, annual supplies could fall short by more than 10 million tonnes, it added. 

However, analysts see copper prices recovering amid strong industrial demand in a structurally tight market. "Looking ahead to next week, copper prices are expected to pull back, downstream procurement is expected to increase, inventory is forecast to decline, and premiums are anticipated to fluctuate and trend higher," according to Shanghai Metals Market. 

Meanwhile, nickel prices on MCX dropped 9% after Indonesia failed to specify production reductions that had previously sparked a sharp rally in the battery metal, Kedia Advisory said in a note. 

At 1825 IST, on the MCX, the January futures contract of:

-–ALUMINIUM was at INR 307.05 a kg, down 1.3%
--COPPER was at INR 1,273.7 a kg, down 2.6% 
–-LEAD was at INR 189.75 a kg, down 1.6%
–-ZINC was at INR 306.9 a kg, down 1%

--NICKEL was at INR 1,666.6 a kg, down 9%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 304.00-INR 310.00

--Copper contract seen at INR 1,260.00-INR 1,310.00
--Lead contract seen at INR 186.00-INR 190.00

--Zinc contract seen at INR 304.00-INR 310.0

--Nickel contract seen at INR 1,680.00-INR 1,820.00

End

US$1 = INR 90.01

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

Edited by Deepshikha Bhardwaj

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