Copper prices on the Multi Commodity Exchange (MCX) surged sharply on Thursday, hitting a fresh all-time high of Rs 1,432.35 per kg, with the continuous copper futures contract rising nearly 6% during the session. The rally in domestic prices mirrors a powerful global move across copper markets.
Global copper prices hit record levels
Copper prices climbed to record highs across major international exchanges. On the Shanghai Futures Exchange (SHFE), the most-active copper contract jumped over 6% to cross 108,700 yuan per tonne, after touching an all-time high earlier in the session. Meanwhile, three-month copper on the London Metal Exchange (LME) surged past $13,950 per tonne, also setting a new record.
The strong global momentum has directly lifted MCX copper, which typically tracks international price trends.
Shift from gold and silver into copper
Traders said copper is benefiting from a rotation of funds after gold and silver posted sharp gains and hit record levels earlier this week. As investors look to diversify within commodities, copper has emerged as the next beneficiary in the ongoing metals rally.
Geopolitical tensions drive safe-haven buying
Heightened geopolitical risks have boosted investor appetite for physical assets. Concerns escalated after fresh warnings from the US over Iran’s nuclear programme, adding to global uncertainty. This environment has pushed investors towards commodities, including base metals like copper.
Dollar weakness supports commodity prices
Although the US Federal Reserve kept interest rates unchanged, the dollar remained near recent lows. A weaker dollar makes dollar-denominated commodities cheaper for holders of other currencies, increasing demand and supporting higher prices globally. This has added further momentum to copper’s rally.
Supply concerns continue to underpin prices
Copper prices are also being supported by lingering supply-side concerns. Market participants remain cautious about potential mine disruptions and logistical issues, which have tightened availability following strong gains seen throughout 2025.
China demand remains a watch point
Despite the rally, signs of weak spot demand persist in China. The Yangshan copper premium, a key indicator of Chinese import demand, slipped to $20 per tonne, the lowest level since July 2024. However, traders said global investment flows and macro factors are currently outweighing near-term demand weakness.
Broader metals rally
Copper’s surge came alongside strength in other base metals. Aluminium, zinc, nickel, lead and tin also traded higher on Chinese exchanges, reflecting broad-based optimism across the metals complex.
With global copper prices at record highs and strong investor flows into commodities, MCX copper continues to reflect the global risk-driven rally in metals.
