MCX Copper Price Today: Copper prices dipped by 0.57%, closing at ₹851.35 due to an ongoing global surplus in refined copper. According to the International Copper Study Group (ICSG), July recorded a surplus of 91,000 metric tons, following June’s excess of 113,000 metric tons.

From January to July 2024, the surplus has surged to 527,000 metric tons, a significant rise compared to the 79,000 metric ton surplus from the same period last year.


In July, refined copper production reached 2.35 million metric tons, while consumption lagged at 2.26 million metric tons, signaling oversupply.

China’s ongoing economic slowdown has also weighed on copper prices. September marked the fifth consecutive month of contraction in factory activity, with the services sector showing a sharp deceleration.


The Purchasing Managers’ Index (PMI) slightly improved to 49.8 but remained below the crucial 50-point threshold, indicating continued contraction. Additionally, China’s demand for unwrought copper declined by 12.3% in August, hitting a 16-month low at 415,000 metric tons.


Despite weaker demand, copper concentrate imports rose by 3.2% over the first eight months of 2024, suggesting resilience in supply chains.

From a technical perspective, the copper market experienced long liquidation, with open interest dropping by 0.31% to 8,285 contracts. Copper prices fell by ₹4.9, with key support at ₹842.4. Should prices breach this support, they may test ₹833.3.


On the upside, resistance stands at ₹863.7, and a break above could push prices towards ₹875.9. The market remains under pressure due to surplus supply and sluggish demand from China.

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