MCX Copper holds multi-week high as tariff-driven stockpiling tightens LME supply

WHAT HAPPENED MCX Copper is trading flat at ₹1,373.85/kg as of 13:34 IST on 6 Aug 2026, up just 0.0036% from the ₹1,373.80 previous close — but the pause follows a sharp two-session climb from ₹1,347.25 on 4 Aug that has left copper at its highest print in over a month. The flat print stands out because the rest of the MCX complex kept extending gains: Gold rose 0.56% to ₹1,49,323/10g, Crude climbed 1.28% to ₹7,200/bbl, and the rupee eased to 95.22/USD (+0.13%).

WHAT IT MEANS Copper decoupling from a broadly firmer complex — where gold, crude and a softer rupee are all lifting rupee-priced MCX contracts — points to the metal's recent rally being driven by its own fundamentals, not currency tailwinds. Globally, copper has been supported by US tariff-driven stockpiling into American warehouses and LME inventories sliding to multi-month lows, tightening supply available outside the US.

WHAT TO WATCH Watch ₹1,375/kg — a break above confirms the uptrend from ₹1,320 (24 Jul) is intact; a slip back toward ₹1,347 would signal the rally stalling.