MCX Copper Falls 1.31% on Rupee Strength and Risk-Off Sentiment

WHAT HAPPENED MCX Copper declined to 1371.5 INR/kg at 12:17 am IST, falling −1.31% from the previous close. The pullback follows intraday volatility that saw copper peak at 1395.65 INR/kg at 09:36 am IST. Precious metals extended losses—Gold at 151699 INR/10g (−1.79%), Silver at 228993 INR/kg (−2.07%)—signaling broad-based risk-off momentum. USD/INR stability at 95.07 (−0.18%) offers modest support, but base metals weakness persists across the complex.

WHAT IT MEANS The overnight retreat erases morning gains and signals fragility in copper's recovery pattern. For MCX futures traders, the break below intraday highs suggests profit-taking after the +1.07% advance at 09:36 am IST. Precious metals' steeper declines indicate demand destruction concerns outweighing currency tailwinds. Risk positioning has shifted defensively overnight.

WHAT TO WATCH Watch the 1365 INR/kg support level. A close below this overnight range would confirm weakness; a bounce back toward 1385 INR/kg would test the morning's resilience.