Copper Futures Surge To Fresh Record Of On Firm Global Trends

Copper prices rallied for the fifth straight session to hit a new record high of Rs 1,249.95 per kg in futures trade on Friday, tracking firm global cues amid tight supply conditions.

On the Multi Commodity Exchange (MCX), copper futures for December delivery jumped Rs 93.35, or 8%, to hit a record of Rs 1,249.95 per kg. The January contract climbed Rs 105.5, or 9%, to touch a lifetime high of Rs 1,277.95 per kg.

Over the past five sessions, copper prices have rallied 12.43%, or Rs 138.25, from Rs 1,111.70 per kilogram recorded on December 18.

In the international markets, Comex copper futures were trading 3.8% higher at $5.78 per pound. Meanwhile, copper prices on the London Metals Exchange (LME) hit an all-time high of $12,282.40 per tonne before settling at $12,116.65 per tonne on Wednesday.

'Comex copper futures climbed to around $5.5 per pound, hovering near a five-month high, supported by tight global supply conditions and robust US economic data, with the economy expanding at its fastest pace in two years in Q3,' brokerage firm Axis Securities said in a note.

Strong consumer spending, exports, and industrial activity continued to underpin demand from copper-intensive sectors, it added.

So far this year, copper prices have rallied by more than 35%, and are poised for their biggest annual gain since 2009, supported by rising demand from technology and energy transition sectors, and tariff-related uncertainties.

Market experts noted that global copper prices have surpassed the $12,000-per-tonne mark on the LME for the first time and will continue to march higher on the bourse.

They attributed the current surge to supply challenges in major producing regions such as Chile and Indonesia, where environmental disruptions and operational issues have contributed to a tighter global market.

Looking ahead, Goldman Sachs Research said copper prices will decline somewhat in 2026 from their recent record highs, even as demand from the grid and power infrastructure gradually drives prices higher in the longer term.

'Next year, it expects the LME copper price to remain in a range of $10,000-11,000, as strong global demand growth from the grid and power infrastructure, backed by investment in strategic sectors such as AI and defence, keeps prices from falling below $10,000,' it added.

The investment bank forecasts the LME copper price to average $10,710 in the first half of 2026, and to reach $15,000 per tonne by 2035 in the longer term.