Domestic copper prices experienced a notable decline on Tuesday, falling nearly one percentage point to hit the day's low of ₹1,288.90 per kg. The weakness came amid mixed global trends as traders searched for fresh catalysts to guide their next moves in the base metal market.
Market Performance and Global Trends
January copper contracts were trading at ₹1,292.10 on the MCX around 3 pm, registering a decline of ₹10.00 from previous levels. The domestic weakness contrasted with strength in international markets, where COMEX prices traded higher at $5.8545, gaining 0.40%. However, three-month copper contracts on the London Metal Exchange (LME) showed mixed signals, trading at $12,855 per metric ton with a decline of over 1%.
| Exchange |
Price |
Change |
| MCX (Jan contracts) |
₹1,292.10/kg |
-₹10.00 |
| COMEX |
$5.8545 |
+0.40% |
| LME (3-month) |
$12,855/mt |
-1%+ |
Stellar 2025 Performance Loses Steam
Copper emerged as the standout performer among base metals in 2025, delivering exceptional returns across major exchanges. The metal gained more than 41% in London and 33% in Shanghai during a record-setting rally. On the MCX, copper's performance was even more impressive, surging 62% in 2025. However, this remarkable momentum appears to have stalled, with the metal remaining flat in 2026 to date.
Ajit Mishra, Senior Vice President, Research at Religare Broking, commented on the current market dynamics, noting that the red metal is experiencing increased volatility as profit booking intensifies following sharp price spikes. "The base metal has witnessed a correction in the last two weeks but has found buyers at every support level. The copper market in January 2026 is characterised by extreme volatility following all-time highs," Mishra explained.
Fundamental Drivers Remain Intact
Despite the recent volatility, market analysts emphasize that the underlying fundamentals supporting copper's bullish outlook remain unchanged. The upside movement has been primarily driven by structural supply deficits, combined with significant improvement in demand from artificial intelligence and green energy sectors. Mishra maintained a positive outlook for the remaining days of the month, stressing that these fundamental factors continue to provide support.
Technical Analysis and Trading Outlook
From a technical perspective, copper prices have shown a noticeable rise from late 2025 into early 2026, though recent weeks have witnessed a pullback without disturbing the medium to long-term trend. Technical analysis reveals strong support levels positioned between ₹1,230 to ₹1,250, with deeper corrective moves potentially finding a floor near ₹1,180.
| Support/Resistance Levels |
Price Range |
| Strong Technical Support |
₹1,230 - ₹1,250 |
| Deeper Correction Floor |
₹1,180 |
| Current Trading Level |
₹1,292.10 |
| Target Range |
₹1,330 - ₹1,340 |
Trading Strategy and Recommendations
Copper's rebound from the low of ₹1,231.30 pushed prices above the ₹1,300 mark, with the base metal currently trading close to this level. Market experts recommend that traders wait for moderate corrections and, subject to stability above the ₹1,290 to ₹1,295 region, consider resuming long positions. The suggested trading parameters include a stop loss below ₹1,270 and targets of ₹1,330 to ₹1,340, though these recommendations apply specifically to the January series expiry.
The current market scenario presents a critical juncture for copper, as traders assess whether the flat performance in 2026 represents a temporary consolidation or signals a broader trend reversal following the exceptional gains of 2025.
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