MCX copper hits new record high tracking LME on weak dlr, geopolitical risks
This story was originally published at 11:37 IST on 29 January 2026
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--MCX February copper contract hits fresh record high of INR 1,432.35 per kg
--LME 3-month copper contract hits new record high of $14,088.5 per tonne
MUMBAI – Futures contracts of copper on the Multi Commodity Exchange of India hit an all-time high on Thursday, tracking the record high of the three-month contract on London Metal Exchange. Price of the base metal surged due to a weaker dollar, escalating geopolitical tensions, and rising demand.
The US dollar fell to its lowest level in four years earlier this week after US president Donald Trump said on Tuesday that the value of the dollar was "great", when asked whether he thought it had declined too much. Traders took Trump's signalling that he was unconcerned by the weakness as cues to sell the greenback aggressively. Though the index rebounded on Thursday after US Treasury Secretary Scott Bessent said the US has a strong dollar policy and that means setting the right fundamentals, it remained in the lower range. A weaker dollar makes dollar-denominated commodities such as copper cheaper for those holding other currencies, aiding demand.
Prices of the red base metal also rose as investors are moving over from the strong gains in gold and silver, Reuters reported, quoting traders. Copper's gain on Thursday came after gold and silver set records due to investors' rush to safe-haven assets amid geopolitical risks. Iran's foreign minister, Abbas Araghchi, said Iranian armed forces were ready to "immediately and powerfully" respond to any possible attack by the US, hours after Trump reiterated a threat of military action against the country, Al Jazeera reported. Araghchi's comments come just hours after Trump revived a threat to launch a military attack against Iran, which has been under growing pressure from Washington over a recent crackdown on anti-government protests, the report said.
Copper's rally was further supported by recurring supply tightness and strong industrial demand, particularly from sectors linked to renewable energy and artificial intelligence, Kedia Advisory said. Despite the advance, combined global inventories in Shanghai, London, and New York have recently risen above 900,000 tonnes, reflecting some easing in physical availability.
At 1057 IST, the most active February copper contract on the MCX was up 5.5% at INR 1,394.65 per kilogram after hitting a record high of INR 1,432.35 per kg earlier in the day. The three-month copper contract on LME was up 7% at $13,987.5 per tonne after hitting a high of $14,088.5 per tonne earlier in the day. End
US$1 = INR 91.97
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Shreya Shetty
Edited by Deepshikha Bhardwaj
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