Agent Adda · Commodity Intelligence · Research only
Copper’s Record Run
GENERATED 08 SEP 2026 DATA AS OF 18:41 IST MCX SEP-26 CONTRACT
MCX Copper · 30 Sep 2026
₹1,408.70 ↗ +1.59%
per kg · near ₹1,409.20 day high
Open interest
11,487
+603 contracts
LME record zone
≈ $14.7k/t
global breakout
Market character
Bullish
but technically stretched
Why the price is moving
⚑
Tariff fearUS refined-copper policy
▣
Pre-buyingmetal pulled toward US
⌄
Stocks drainLME + SHFE tighten
↗
Funds chaserecord breakout
Physical squeeze: LME stocks are near five-month lows; SHFE inventories were reported near their lowest since 2024.
Mine constraint: Chilean output was reported down 9.4% YoY, while concentrate availability remains tight.
Flow distortion: US stockpiling and the COMEX–LME spread are redirecting metal away from other hubs.
Extra fuel: softer-dollar conditions and strong fund buying reinforce the scarcity narrative.
Technical map
MCX Sep-26 · recent closes + today’s mark (₹/kg)
₹1,410breakout confirmation
₹1,400–02first pivot / avg price
₹1,388–87open + prior-close zone
₹1,442contract-range high
Trend ✓Price sits near the day high and above the recent daily closing cluster.
Participation ✓Price and OI rising together imply fresh long build-up—not merely short covering.
Stretch ⚠LME daily RSI was reported just above 72: momentum is strong, but crowded.
WAIT
Bullish thesis intact — chasing is the weak trade.
A sustained hold above ₹1,410 would confirm continuation. A controlled retest of ₹1,400–02 offers cleaner information. Losing ₹1,388–87 would damage today’s breakout structure. These are observation levels, not an order recommendation.
What can snap the move?
US tariff clarification that unwinds precautionary stockpiling
Warehouse inflows or weaker Chinese industrial demand
Dollar rebound, fund profit-taking, or failed ₹1,410 breakout