New Delhi: Copper futures experienced a notable uptick, with prices rising by 0.64% to ₹834.85 per kilogram on Thursday. This gain reflects increased spot demand and speculative trading activities among market participants.
On the Multi Commodity Exchange (MCX), December contracts saw a rise of ₹5.30, supported by a robust turnover of 5,380 lots. Analysts attribute this surge to heightened activity from traders placing optimistic bets amid strong industrial demand signals.
Global Trends Bolstering Copper
Copper’s upward trend is closely linked to global market movements. As China’s industrial activity revives, the nation’s demand for refined copper continues to soar, especially in green technologies like electric vehicles and renewable energy projects. Meanwhile, global supply chains are stabilizing, and production capacities in India, Indonesia, and the U.S. are expanding significantly.
While copper production is set to increase globally, balancing demand remains critical. Analysts forecast a potential surplus in 2024 due to rising production volumes. However, the energy transition remains a solid demand driver, ensuring copper’s critical role in infrastructure and manufacturing.
Outlook
With manufacturing and green energy sectors driving consumption, copper is expected to maintain a pivotal position in commodity markets. Investors are advised to watch geopolitical and industrial developments for further market cues.
Source: Web Team, C6N
