MCX Copper Futures Near Flat Amid Muted Domestic Demand
The price of copper futures on India's Multi Commodity Exchange (MCX) has settled near ₹1,412 per kg, as domestic demand remains subdued. This comes despite the recent surge in global prices to record highs near $14,615 per tonne on the London Metal Exchange.
Strong cues from international markets had pushed copper futures towards higher levels earlier this week, but traders are now watching support levels near ₹1,360, ₹1,394 as the market navigates global supply and tariff concerns. The recent rally was largely fueled by speculative buying and structural concerns, including fears of US tariffs on refined copper imports and persistent supply disruptions at major mines in South America.
Despite the strong international backdrop, domestic market sentiment remains tempered by relatively soft demand from local consuming industries. This mismatch between global price benchmarks and local spot market demand has led to a range-bound trend, with many traders adopting a wait-and-see approach.