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Informist, Friday, Jan. 23, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India on Friday, tracking gains in global prices. Copper prices rose due to concerns about supply. Production at Capstone Copper's Mantoverde copper and gold mine in northern Chile was halted after the mine's desalination plant was shut down due to a three-week labour strike.

 

The strike began after the mine's largest workers' union and Capstone failed to reach a collective bargaining agreement. The company on Thursday said a takeover of the mine's desalination plant began last Sunday, leading to disruptions.

 

Copper prices also rose as the rupee fell to a record low against the dollar. The rupee fell to a record low of 91.9650 against the dollar. When the rupee depreciates against the dollar, prices of copper in the domestic market adjust as the metal is priced in rupees.

 

However, the rise in prices could be capped due to Freeport-McMoRan's announcement that it is making progress on restarting operations at Indonesia's Grasberg mine, which was closed due to a deadly landslide last year. The company has already restarted two unaffected areas of the mine, one of the largest in the world, and laid out a schedule to ramp up production through 2027, Dow Jones quoted ANZ Research analysts as saying in a note. On Thursday, copper miner Freeport-McMoRan said it expects about 85% of production at its flagship Grasberg mine, to be back online by the second half of this year.

 

"Meanwhile, signs of softening demand from China would be weigh on prices. The Yangshan copper premium, a gauge of Chinese consumers' appetite for imported copper, declined to $22 a ton, down from above $50 by the end of 2025," ICICI Direct said. 

 

At 1703 IST, on the MCX, the January futures contract of:

--ALUMINIUM was at INR 315.7 a kg, up 0.2%
--Copper was at INR 1,277.55 a kg, up 0.4%
–-LEAD was steady at INR 190.20 a kg
–-ZINC was at INR 313.00 a kg, up 0.3%

 

The February futures contract of NICKEL was at INR 1,659.00 a kg, up 4%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 313.00-INR 318.00

--Copper contract seen at INR 1,260.00-INR 1,300.00
--Lead contract seen at INR 189.00-INR 192.00

--Zinc contract seen at INR 310.00-INR 316.00

--Nickel contract seen at INR 1,630.00-INR 1,690.00

End

 

US$1 = INR 91.95

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

 

Edited by Ashish Shirke

 

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