LME Record High Fuels Indian Copper Cathode Price Surge

Indian copper cathode prices rose week-over-week as the London Metal Exchange (LME) hit a record high, according to BigMint. The LME copper price reached $14,768/t on September 9, driving up domestic replacement costs and MCX futures.

Cathode prices in western India increased by around 3.86% week-over-week, with ex-Mumbai prices rising to INR 1,427,000/t from INR 1,374,000/t the previous week. Ex-Ahmedabad prices also increased to INR 1,429,000/t from INR 1,376,000/t.

However, market participants noted that buying interest remained muted due to high prices and expectations of a potential price correction. Buyers are relying on accumulated inventories rather than chasing the rally.