India Base Metals
Copper down on rising stocks, dim hopes of Fed rate cut
This story was originally published at 18:13 IST on 22 January 2026
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By Reshma Ravi
MUMBAI – Futures contracts of copper fell on the Multi Commodity Exchange of India on Thursday, tracking fall in global prices. Copper prices fell due to rising inventories at COMEX-monitored warehouses and fading expectations of a rate cut by the US Federal Reserve. The US Federal Reserve is likely to hold its key interest rate at 3.50%-3.75% at its meeting later this month.
Market sentiment remained cautious as COMEX inventories rose over 500,000 tonnes, indicating ongoing diversion of the metal to the US, and reducing arbitrage spreads between exchanges, analysts said. As of Wednesday, copper stocks at US COMEX-monitored warehouses rose to 503,400 tonnes.
Though disruptions at mines continue to limit supply, copper demand remains price-sensitive, particularly in China, Kotak Securities said in a report. "Record refined copper output in China has added to near-term supply comfort, keeping upside momentum across base metals restrained," it added.
On Wednesday, US President Donald Trump said he would back down from Greenland-related tariffs on European allies, which improved global risk appetite and reduced defensive flows into metals, and weighed on copper prices, according to Kotak Securities.
Copper prices also fell as market participants cautiously await delayed data on US core inflation and consumption for November, jobless claims, and Oct-Dec GDP figures, which are due later in the day, to gauge the Fed's rate cut path this year.
At 1613 IST, on the MCX, the January futures contract of:
--ALUMINIUM was at INR 313.55 a kg, down 0.5%
--Copper was at INR 1,255.85 a kg, down 2%
–-LEAD was at INR 189.95 a kg, down 0.5%
–-ZINC was at INR 311.50 a kg, down 0.1%
The February futures contract of NICKEL was at INR 1,590.20 a kg, down 2%
Trading levels for the day on the MCX:
--Aluminium contract seen at INR 312.00-INR 316.00
--Copper contract seen at INR 1,245.00-INR 1,275.00
--Lead contract seen at INR 189.00-INR 192.00
--Zinc contract seen at INR 309.00-INR 314.00
--Nickel contract seen at INR 1,560.00-INR 1,620.00
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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