COPPER

1,374.85

-49.65 (-3.49%) loss

as on 10 Sep 2026 at 11:29 PM

MCX

Options Open Interest Top Contracts Futures 15-Mins Built Up

Live Chart

COPPER Futures Snapshot

Monthly Contracts	Days for Expiry	LTP	Change	Change %	Volume	Open Interest	OI Change %
COPPER SEP FUT	21	1,374.85	-49.65	-3.49	23,243	10,292	-10.22
COPPER OCT FUT	51	1,382.50	-47.55	-3.33	4,423	2,338	13.72
COPPER NOV FUT	82	1,389.20	-44.60	-3.11	919	844	-9.64

About COPPER Futures

COPPER is the backbone of electrification. It wires homes, charges electric vehicles, and connects renewable energy to the grid. Global demand tracks industrial growth and clean energy investment.

Supply is concentrated. Chile, Peru, and China dominate mine output. Strikes, grade declines, or export restrictions in these regions move prices within hours.

MCX COPPER is a 2.5-metric-tonne contract. It tracks global base metal prices through the USD/INR filter. For traders, this means LME inventory reports and Chinese factory data move the COPPER futures price in the same session. You can trade these industrial cycles without handling physical metal.

Factors influencing COPPER futures prices

Futures on COPPER share value based on the spot market value of copper. There are a number of inputs at the industrial and macro level that influence the price.

Chilean mine output and labour disputes: Chile and Peru are the ones where copper mining is focused. Concentrate supply is constrained by strikes, pit closures, or ore-grade drops. This results in lower smelter production and higher prices.

Power grid and EV demand: Copper is used in the manufacturing of construction materials, power systems, and electric vehicles. As manufacturing increases, the demand increases. A downturn in either building or vehicle sales works in reverse.

Exchange warehouse stocks: The price of the product is determined by LME and SHFE warehouse levels. Inventory is falling, indicating a tight supply. An increase in stocks indicates surplus and exerts a downside pressure on prices.

Dollar Rupee cross: On the international market, copper is sold in dollars. The strength of the U.S. Dollar/INR exchange rate increases import prices in India. This directly relates to the price of MCX.

China's construction and manufacturing: China uses almost half of the world's copper. It served as a barometer of demand for the rest of the world through its manufacturing PMI, property starts, and infrastructure spending.

Volatility around LME events: Chinese policy announcements and LME inventory releases attract an increase in base metal volatility. As volatility increases, premiums widen throughout the COPPER futures curve.

How are COPPER futures prices determined?

The futures price is the spot price plus the cost of carrying to expiry. Embedded financing, storage, and insurance costs. So is the market's notion of the supply/demand dynamics at that future time.

The price of COPPER is quoted on MCX in Rupees per Kg. LME (USD / tonne) is used as the reference. The domestic futures price will, in this case, include the USD/INR rate. In the absence of any change in LME, the depreciation of the rupee can support the MCX prices.

If futures are priced higher than spot, then the market is contango. This usually means that the supply is comfortable in the short term. Futures prices are "backwardated" when they are lower than spot prices. Often an indicator of physical supply constraints.

Key metrics to consider while trading COPPER futures

Lot size: One standard contract represents 2.5 metric tonnes (2,500 kg). The COPPERM mini contract is 250 kg.
Tick size: Minimum price changes in increments of ₹0.05 per kg. This equals ₹125 per tick for a standard lot.
Expiry: Contracts expire on the last day of the contract month.
Open Interest (OI): Total outstanding contracts across all participants. An increase in OI with an increase in prices indicates fresh long positions being built.
Margin: Collateral is needed to maintain a futures position. MCX changes margin during periods of high volatility, which can change position sizing.
Daily Price Limit (DPL): MCX applies a circuit breaker at 4%. If this is breached, it widens to 6% after a pause.
Basis: The difference between the MCX futures price and the LME-equivalent price adjusted for currency. Basis variations reflect domestic supply-demand factors independent of global price direction.

How to read COPPER futures data?

Live price and daily change: The current traded level and how far it has moved from the previous close. This gauges intraday momentum.

Session volume: The number of units traded in the current session. A sharp volume spike compared to the recent average often precedes or confirms a directional move.

Outstanding positions: Check how much capital is currently committed to open positions. Increasing OI in a trending market indicates conviction. Declining OI may indicate the move is driven by position unwinding rather than fresh conviction.

Bid-ask depth: The best prices and the quantity associated with them. A narrow spread with depth on both sides indicates a liquid contract.

Real-time contract price: The COPPER futures live price is the current level at which the most active contract trades. It reflects the matching of buyers and sellers in real time.

Today's trading range: COPPER futures today information includes the open, high, low, and last traded price. The difference between high and low is a measure of intraday volatility.

Historical price chart: The COPPER futures chart displays historical price action across timeframes. Traders rely on chart patterns, volume, and open interest to determine price movement.

Benefits of trading COPPER futures

Macro participation without physical exposure: COPPER prices are influenced by macro drivers like energy policy, Chinese industry, currency, and global trade policy. Futures give participants direct access to these price effects without the need to source, hold, or manage physical goods.
Leverage through margin: Only a margin payment is required for futures. This equates to a smaller amount of funds being invested in the market. This also implies the risk of losses exceeding the margin if the positions are not handled properly.
Hedging for commercial participants.: Companies with COPPER price risk exposure, like the wire manufacturers, cable makers, and construction companies, can hedge their COPPER price risk with MCX futures. This operational hedging is made easy by the design of the contract.
Transparent, regulated infrastructure: MCX is a recognised exchange regulated by the Securities and Exchange Board of India (SEBI). Prices can be accessed on the public screen. Counting for settlement is carried out as per the rules. The rules minimise counterparty risks and provide execution standards.

Most commonly used strategies in COPPER futures

Directional long or short: Long (buy) or short (sell) the futures in anticipation of a price increase or a price fall. The simplest approach and the one most retail participants begin with. Risk management in terms of position size relative to margin is critical.
Month-to-month spread: Buying one expiry month while simultaneously selling another. The profit or loss is based on the movement of the difference between the two months. Spreads generally require a lower margin and carry lower volatility than outright positions.
Producer or consumer hedge: A company buying physical COPPER can sell the same amount in futures to secure the price. If prices increase, the futures profit offsets the cost increase. If prices decline, the hedge reduces the gain, but the aim is not maximising profits.
MCX-LME basis play: Speculate on the difference between MCX and LME after adjusting for the currency. When the basis is significantly out of historical bounds, it could offer a reversion trade. This requires an understanding of both markets.

How to trade COPPER futures on Dhan?

Open your account: Create a commodity trading account on Dhan and complete full KYC with a registered broker. Ensure the MCX commodity futures segment is activated separately from your equity account.
Add funds: Deposit funds into your trading account and make sure that you have enough margin. Consider daily mark-to-market settlements during the life of the trade.
Pick your contract: You would have to decide whether you can afford a regular COPPER contract (2.5 MT per lot) or a COPPERM mini contract (250kg per lot), depending on your capital and risk appetite. Choose your desired month of expiration. The most liquid contracts are near-month contracts.
Read the market data: Make sure to study the COPPER futures price, chart, open interest, and volume before taking a trade. COPPER is closely correlated to LME prices, and global cues are important to it.
Place your trade: Fill orders with the right order type. Market orders for COPPER are placed at the current market rate. Limit orders are only filled at the price you set.
Track your position: Be active in watching COPPER price action, volume of interest, and MTM changes. The contract is sensitive to the world events. LME session ends, and Chinese economic data releases can cause big intraday volatility.
Adjust when needed: Set a stop-loss when you enter the trade and check on it as the trade progresses. Adjust or terminate positions according to market changes and initial parameters of the strategy.
Know the contract type: The commodity futures trade on COPPER are MTM settled on a daily basis. The profit or the loss is credited to your account or debited at the end of every trading day.

Tips for trading COPPER futures effectively

Watch LME copper alongside MCX: Domestic COPPER prices are not independent. LME direction gives the general direction. It is not unusual for MCX and LME adjusted for currency to trade at a premium or discount for only a few days.
Observe the trend of Rupee vs Dollar: Even when LME does not move up, MCX can move up in rupee terms with a depreciation of the Rupee. The positive movement of the Rupee could cap the gains on the MCX when the LME goes up.
Monitor stockpile reports: The LME report on warehouse stocks is a regular publication. Longer periods of price declines typically support prices. Taking note of a quick inventory construction is interesting prior to stacking lengthy positions.
Allow for daily margin calls: Mark to market is done on a daily basis at MCX. A position that is short against you may lead to a margin call. This is more robust than the minimum margin-based position sizing because it takes account of losses.
Look at several time frames on the chart: There could be a difference between what you see on the daily chart and the hourly chart. Align both before coming into position.
Close in advance of the time of delivery: Most retail traders have no intention of taking or giving physical delivery. To prevent any unnecessary complications, one should leave well in time before the last trading day.
Size positions within capital limits: Taking a big position with a small margin is no justification. Limit the risk of any one trade to a specific percentage of capital.

FAQs

What is 1 lot size of COPPER futures?

1 lot of COPPER Futures on MCX is 2500.

What is the trading time for COPPER futures?

The trading time of COPPER futures is:

April to October - 9:00 AM to 11:30 PM
November to March - 9:00 AM to 11:55 PM

When is the upcoming COPPER futures expiry?

The upcoming futures expiry of COPPER on 30 Sep 2026.

Are COPPER futures settled in cash or via physical delivery?

At the end of the day, all the positions are auto squared off. Meaning, the derivatives are settled in cash. At present, the physical delivery of Commodity position is not allowed.