MCX Copper Falls 1.90% on Base Metal Profit-Taking

WHAT HAPPENED MCX Copper declined to 1364 INR/kg at 12:56 am IST, marking a −1.90% pullback from the previous close. The retreat extends profit-taking that began after the intraday peak of 1411 INR/kg logged at 01:37 am IST. USD/INR has edged higher to 94.87 (+0.30%), while crude oil rallied +3.10% to 9493 INR/bbl, signaling selective risk appetite in energy offsetting base metals weakness.

WHAT IT MEANS The sharp reversal from copper's morning highs suggests traders are locking gains ahead of potentially volatile sessions. The −1.90% move sits within the range of prior intraday pullbacks (−0.76% at 02:59 pm IST), indicating a consolidation phase rather than a structural breakdown. Weaker precious metals—Gold −1.90% to 143303 INR/10g—reinforce selective deleveraging across the commodity complex.

WHAT TO WATCH The 1350 INR/kg support level will signal whether this decline stabilizes or extends further. A hold above that zone keeps the prior 01:37 am IST high of 1411 INR/kg in play as an intraday resistance target.