Crude oil is the session's dominant force, and copper is amplifying that signal sharply. WTI at $94.88/bbl (up 1.12%) reflects tightening supply expectations — OPEC's voluntary production cuts and a drawdown in US crude inventories reported by the EIA this week have kept upward pressure intact. Copper's outsized 6.49% move to ₹1469.06/kg on MCX-derived pricing reflects a separate but concurrent driver: improving Chinese manufacturing PMI data has rekindled demand expectations for the metal most sensitive to industrial activity.
Indian import parity check — Copper: COMEX Copper at $6.66/lb = $14,682/tonne → at USD/INR ₹95.27 = ₹13,98,213/tonne → ₹1,398.21/kg before duties. With India's basic customs duty (5%) + IGST (18%) adding roughly ₹6–7% landed cost, derived MCX parity sits near ₹1,496/kg — current price at ₹1469.06/kg trades at a marginal discount to that parity.
Gold at $4,504/oz (COMEX, -0.36%) and Silver at $75.03/oz (-0.57%) are both easing as crude's rise draws attention toward energy and industrial metals, away from precious metals. MCX Gold at ₹1,58,641/10g and MCX Silver at ₹2,52,809/kg reflect this mild retreat.
With MCX closed today, tomorrow's open carries a meaningful gap-up signal for crude and copper; precious metals face modest downside pressure at the open.
Watch: COMEX Copper at $6.66/lb — a sustained hold above this level through Wednesday's US session will confirm the gap-up at Thursday's MCX open.