Copper is the outlier this session — and it stands in direct contrast to the session's dominant story.
WTI crude is at $91.97/barrel, down 0.57%, signalling soft industrial demand or easing supply-side anxiety. In most sessions, a falling crude reading drags base metals lower alongside it, as both reflect expectations about global factory activity. Yet COMEX copper is at $6.57/lb, up 0.14%, and has translated — amplified by a strong rupee at ₹94.99 — into a 5.66% overnight gain on MCX, with the derived price settling at ₹1444.40/kg. The arithmetic: $6.57/lb × 2.2046 (lb-to-kg) × ₹94.99 + applicable customs duty (2.5%) and GST (5%) produces an import parity figure close to ₹1440–1448/kg, confirming today's MCX price is broadly aligned with global parity rather than a premium anomaly.
Gold at COMEX $4,515/oz (session: +0.02%) maps to MCX ₹158,564/10g — essentially flat, with demand for gold as a safe harbour absent any fresh fear catalyst. Silver's sharp fall of 4.99% to ₹253,231/kg mirrors COMEX silver at $75.38/oz, diverging from copper in a pattern historically seen when industrial demand narratives shift suddenly.
MCX opens tomorrow. With crude soft and copper firm, base metals may face a split open. In past sessions where crude fell 0.5–1% while copper stayed positive, MCX copper has opened 0.3–0.8% above the prior close.
Watch: COMEX copper's ability to hold above $6.50/lb before the MCX open at 09:00 am IST Tuesday.