MCX Copper Price Today Drops After Rebound as Iran Denies Holding Talks With US; Why Is the Metal Falling?

Copper rates today came under pressure again on Tuesday, 24 March 2026, as optimism over a possible easing of the Middle East conflict weakened after Iran denied holding talks with the United States (US). The metal, which had recovered in the previous session, lost ground as traders turned cautious once more amid fresh geopolitical uncertainty and persistent concerns over demand.

Copper Rate Falls After Iran Rejects Trump's Claim

Copper dropped below $5.4 per pound in the global market on Tuesday, giving up part of Monday's gains. The weakness followed Iran's rejection of US President Donald Trump's claim that talks were underway to end the standoff. Tehran described Trump's announcement as an attempt to influence financial markets and then launched fresh attacks on US targets, while Israel continued its strikes on Iran.

A day earlier, copper had rebounded nearly 2% after Trump said planned US strikes on Iranian energy infrastructure had been postponed, raising hopes of de-escalation. But with Iran denying any negotiations and the future of the Strait of Hormuz still uncertain, market sentiment turned fragile again.

MCX Copper Rate Today

On the MCX, copper for the 31 March 2026 expiry was quoted at Rs 1,113.90 per kg at 3:00 PM IST on 24 March 2026. The contract was down Rs 7.30, or 0.65%, from the previous close.

The contract had opened at Rs 1,113.95 per kg, compared with a previous close of Rs 1,121.20 per kg. The reported spot price stood at Rs 858.50, while traded volume was 3,739.

Why Copper Prices Are Falling

The latest decline in copper is driven by a mix of geopolitical uncertainty and weak demand signals. The fading hope of a quick de-escalation in the Middle East has made traders more cautious, especially after Iran denied any negotiation with the US.

At the same time, inventory levels in LME and SHFE copper warehouses have climbed to record highs, which points to softer consumption trends. Higher inventories usually suggest that supply is not being absorbed quickly enough by demand, and that tends to weigh on prices.

Copper Price Outlook Amid Middle East Tension; Check Expert's View

Copper prices continued to trade back & forth over the course of the week, trading with overall positive bias as price maintained over psychological support of 1100. After temporary cease-fire announcement from Trump yesterday, Copper has rebounded marginally from the dips as Dollar Index has declined marginally to the 98.60 level.

"However, Copper price has fallen nearly -1% on today's session as Iran denied about negotiation talks with US, eased down the de-escalation hopes. Also, Inventory levels of LME and SHFE warehouses for Copper have reached to record high levels, indicating lower consumptions, adding additional pressure on Copper price," said Aamir Makda, Commodity & Currency Analyst at Choice Broking.

"Major support would be at 200-DEMA level placed at 1079, sustained closing below this level will boost downside momentum in Copper price. On the other hand, 50-DEMA level which is placed at 1190, will be crucial resistance for the current price recovery," the expert noted.

"Copper is trading in a vital zone of consolidation around Rs 1,110/kg, as copper has not been able to sustain above the price level of Rs 1,180. This indicates exhaustion in copper prices in the near term. From a technical point of view, Rs 1,100 is a vital level for copper, and if copper goes down from this level, copper prices might fall further; on the other hand, Rs 1,140 to Rs 1,150 is a strong resistance zone for copper prices in the near term," said Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd.

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