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Informist, Friday, Feb. 6, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India Friday, despite negative cues from the London Metal Exchange, because of a sharp fall in the rupee against the dollar. On LME, COPPER prices were trading in the red due to rising inventories across exchanges.

 

After hitting a low of 90.8550 a dollar during the day, the rupee settled at 90.6550 on Friday, against 90.3550 on Thursday. The rupee moved in a broad range of 59 paise during the day. When the rupee depreciates against the dollar, prices of base metals in the domestic market adjust as these are priced in rupees.

 

However, rising inventories capped the gains in copper prices. "Copper extended losses (on the LME) as rising inventories across the LME, SHFE and COMEX reinforced concerns over near-term demand, particularly in China where buying interest from fabricators has slowed ahead of the holiday period," Kotak Securities said in a report. 

 

Despite recent dip-buying, market sentiment remains cautious as inventories continue to build and high prices curb physical demand. "That said, underlying demand signals remain constructive, supported by strong investment plans from China's State Grid in ultra-high voltage and energy infrastructure projects, which could provide medium-term support for copper consumption once seasonal demand normalises," the brokerage said.

 

At 1836 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 310.60 a kg, up 1.1%
--Copper was at INR 1,233.90 a kg, up 0.5%
–-LEAD was at INR 188.85 a kg, down 0.4%
–-ZINC was at INR 322.50 a kg, up 0.7%

--NICKEL was at INR 1,542.10 a kg, up 0.3%

 

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 295.50-INR 325.30

--Copper contract seen at INR 1,143.40-INR 1,315.40
--Lead contract seen at INR 182.80-INR 194.90

--Zinc contract seen at INR 307.90-INR 333.80

--Nickel contract seen at INR 1,500.00-INR 1,640.00

End

 

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

 

Edited by Deepshikha Bhardwaj

 

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