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Informist, Monday, Feb. 2, 2026

By Ashutosh Pati

MUMBAI – Futures contracts of all base metals rose on the Multi Commodity Exchange of India on Monday due to short-covering after a sharp sell-off on Friday and Sunday, analysts said. Market sentiment was also lifted by stronger-than-expected economic data from China.

COPPER prices started the day in the red but pared losses later. Prices plunged around 15% from record highs in the previous two sessions due to weakening demand. China's manufacturing activity improved in January, with the RatingDog purchasing managers' index rising to 50.3, the fastest growth in three months from 50.1 in December. 

China's production increased and new orders rose, including demand from Southeast Asia, in January. However, input costs--especially those of metals--rose the fastest since September, forcing companies to raise selling prices for the first time since November 2024. Despite overall growth, business confidence fell to a nine-month low due to rising cost pressures, Kedia Advisory said in a note.

"LME base metals opened weaker, with copper extending losses to $12,414/tonne and MCX prices slipping below (INR) Rs1,200/kg, as traders reassess positioning amid heightened volatility and ahead of China's Lunar New Year holiday, which typically dampens near-term demand," Kotak Securities said in a report.

Copper's price now hinges on a revival in physical demand, particularly from China. "Near-term upside potential stays limited after plunging over 15% from last week's record highs, as the pre-Chinese Lunar New Year period (leading to Feb. 17) sees typical inventory accumulation and deferred restocking by fabricators," the brokerage said.

At 1802 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 315.95 a kg, up 2.5%
--Copper was at INR 1,249.00 a kg, up 1.6%
–-LEAD was at INR 194.55 a kg, up 1.9%
–-ZINC was at INR 331.50 a kg, up 3.7%

--NICKEL was at INR 1,570.00 a kg, up 1.7%

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 292.50-INR 335.30

--Copper contract seen at INR 1,122.00-INR 1,332.30
--Lead contract seen at INR 183.40-INR 200.10

--Zinc contract seen at INR 306.40-INR 344.80

--Nickel contract seen at INR 1,470.00-INR 1,600.00

End

US$1 = INR 91.51

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

Edited by Ashish Shirke

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