As the conflict in Russia and Ukraine continues, Copper prices on the MCX have risen to multi-year highs. Concerns about supply disruptions caused by the Russia-Ukraine conflict and low global stockpiles are driving up Copper prices and affecting the global economy. On the other hand, the weakening Chinese economy significantly impacted Copper prices.
The recent hike in Copper prices on the MCX of Rs.809.8/KG has hit record territory since the October spike of Rs.805/KG. Meanwhile, Chile had its lowest January Copper output since 2011, with 429,923t produced, according to figures from the country's Bureau of Statistics. Along with Russian supply concerns, Copper prices rose above Rs.800/KG. Since all of the possible outcomes for Copper were negative, the Copper prices skyrocketed to new highs.