LME copper price today: London copper falls on stronger dollar, Israel-Iran war in focus; MCX copper price trades lower

Copper prices in the international market continues to trade in red on Thursday amid ongoing tensions between Israel and Iran, weakening investors confidence.

On the London Metal Exchange (LME), copper price was down 0.56% at $9,601.5 per metric ton. However, copper prices on the Shanghai Futures Exchange (SHFE) declined up 0.39% to 78,310 yuan per metric ton.

Back home, the red metal on multi-commodity exchange (MCX) also traded flat. MCX Copper price was down 0.32 per cent to ₹877.05 per kg, as compared to previous close of ₹879.90 per kg.

What's behind the plunge?

The dollar strengthened, supported by increased safe-haven demand amid rising concerns over a wider conflict in the Middle East and potential U.S. involvement.

According to analysts, LME copper inventories have also halved this year, reflecting both robust Chinese demand and supply disruptions across major mining regions influencing major drawdowns. Copper supply remained constrained, with inventories in LME-registered warehouses falling to 107,350 tons—a 60% decline since March—marking their lowest level since May 2024, as per reports.

Investors remained focused on escalating Middle East tensions, as U.S. President Donald Trump continued to keep markets uncertain about whether Washington would back Israel's attacks on Iranian nuclear facilities, with the conflict now in its seventh day.

Where's copper price headed?

According to Motilal Oswal report, MCX Copper has given a breakout above the descending trend line on daily chart, confirming resumption of the prevailing bullish trend.

“ Price action continues to display a classic bullish structure, marked by a sequence of higher highs and higher lows. Additionally, 14-period RSI on the daily chart is holding above the 60 level, suggesting strengthening bullish momentum," the brokerage firm said in a note.

The firm further recommended investors to buy in the range of ₹882 – ₹880, with a stop-loss below ₹855 on a closing basis and upside targets at ₹915.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.