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Informist, Monday, Feb. 9, 2026

By Reshma Ravi

MUMBAI – Futures contracts of copper rose on the Multi Commodity Exchange of India Monday, tracking a rise in contracts on the London Metal Exchange because of a weak dollar. COPPER prices also rose due to strong demand from sectors related to electrification, renewable energy, and data centres.

At 1853 IST, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.4% at 96.63. A weak dollar makes dollar-denominated commodities, such as base metals, cheaper for holders of other currencies, aiding demand.

Market sentiment was also lifted by growing expectations of a rate cut by the US Federal Reserve, supported by dovish comments from San Francisco Fed President Mary Daly, analysts said. On Friday, San Francisco Federal Reserve President Daly said she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market, Reuters reported. Investors expect at least two 25-basis-point rate cuts in 2026, with the first expected in June.

"Copper prices moved higher, briefly topping $13,050/ton, although momentum remained fragile as near-record prices continued to dampen industrial demand. Buying activity from Chinese fabricators slowed as manufacturers gradually scaled back operations ahead of holiday shutdowns, while rising inventories across major trading hubs, particularly LME warehouses in Asia, pointed to improving near-term supply conditions," Kotak Securities said.

The rise in copper prices is likely to be capped due to expectations of higher refined copper output in China this year. "Expectations of higher refined copper output in China this year have also weighed on sentiment, reinforcing concerns that recent speculative gains may have outpaced underlying physical demand," Kotak Securities said.

At 1749 IST, on the MCX, the February futures contract of:

--ALUMINIUM was at INR 310.70 a kg, down 0.5%
--Copper was at INR 1,244.90 a kg, up 0.2%
–-LEAD was at INR 188.75 a kg, down 0.6%
–-ZINC was at INR 323.75 a kg, down 0.6%

--NICKEL was steady at INR 1,538.0 a kg

Trading levels for the day on the MCX:
--Aluminium contract seen at INR 309.00-INR 316.00

--Copper contract seen at INR 1,240.00-INR 1,260.00
--Lead contract seen at INR 187.00-INR 190.00

--Zinc contract seen at INR 320.00-INR 328.00

--Nickel contract seen at INR 1,500.00-INR 1,570.00

End

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

Edited by Ashish Shirke

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