Copper Trade Loses Momentum in 2026
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- Last Updated: 21 Jan 2026 at 3:30 PM IST
Domestic copper prices slipped on Tuesday. It extended a recent phase of consolidation as traders stayed cautious amid mixed cues from global markets. The January copper contract on the Multi-Commodity Exchange (MCX) touched an intraday low of ₹1288.90 per kg before recovering slightly. Around 3 pm on Tuesday, the contract was trading at ₹1292.10, down by ₹10 on the day.
The weakness in domestic prices came even as copper contracts showed strength in other markets. In COMEX (the New York-based commodities exchange), copper prices were trading around $5.8545, up 0.40%, supported by buying interest after recent dips. In contrast, three-month copper contracts on the London Metal Exchange (LME) slipped over 1% to trade near $12,855 per metric tonne, reflecting profit-taking after a strong run.
Rally Pauses After Stellar Run
Note that copper was the top-performing base metal globally in 2025. Prices rose over 41 percent in London and about 33 percent in Shanghai during what turned into a record rally. The move was supported by tight supply conditions, expectations of stronger demand from the energy transition, and heavy speculative interest.
The rise was even steeper in the domestic market. MCX copper prices jumped nearly 62 percent last year, beating most other commodities. That strength has faded for now. Prices have moved in a narrow range in 2026, suggesting the rally has paused after last year’s sharp gains.
Digesting Last Year’s Gains
According to analysts, the market is now digesting last year’s gains. According to them, copper is currently experiencing heightened volatility, probably due to traders booking profits following sharp price spikes. Despite the recent pullback, analysts feel the broader fundamentals have not changed materially. Supply may remain tight in key producing regions, which continues to support prices.
Brokerages say the downside may be limited unless global macro conditions weaken materially. For the moment, prices appear to be moving in a narrow range. Copper seems caught between longer-term demand drivers and short-term profit-taking. The next move could depend on how broader markets behave over the next few sessions.
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