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Informist, Wednesday, Jan. 28, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India Wednesday, tracking an increase in contracts on the London Metal Exchange. COPPER prices rose due to strong retail demand and sustained industrial usage linked to renewable energy, electrification and artificial intelligence.   

 

Copper prices also rose due to supply concerns. "Supply-side concerns added to the underlying tone after production at Capstone Copper's Mantoverde mine in Chile was largely halted following the shutdown of its desalination plant due to a prolonged labour strike," Kedia Advisory said.

 

However, the rise in prices could be limited as activity in the Chinese market is slowing ahead of the Lunar New Year holiday next month, when inventories typically build, Dow Jones reported, citing ANZ Research as saying in a note.

 

"Base metals extended gains, with prices across the complex rising over 1%, led by aluminium, which climbed above $3,260 per tonne to its highest level since April 2022," Kotak Securities said in a report. The rally reflects tightening global supply conditions, as China's aluminium production reached a record 45.02 million tonnes in 2025, effectively reaching its government-mandated capacity limit. "With limited scope for further expansion in China, concerns are growing over whether producers elsewhere can ramp up supply quickly enough to meet demand from the energy transition," Kotak said.

 

At 1911 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 328.95 a kg, up 3.2%
--COPPER was at INR 1,322.90 a kg, up 1.2%
–-LEAD was at INR 192.40 a kg, up 0.6%
–-ZINC was at INR 334.35 a kg, up 3.1%

--NICKEL was at INR 1,773.90 a kg, up 1.9%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 317.90-INR 331.70

--Copper contract seen at INR 1,312.00-INR 1,338.00
--Lead contract seen at INR 190.00-INR 193.00

--Zinc contract seen at INR 320.00-INR 340.00

--Nickel contract seen at INR 1,700.00-INR 1,750.00

 

End

 

US$1 = INR 91.78

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

 

Edited by Saji George Titus

 

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