Commodity Market Updates, Dec 23: Aluminium, Copper hit record highs, Crude oil climbs on rising geopolitical tension

Crude oil futures

Crude oil prices on Tuesday, December 23, jumped by ₹6 to ₹5,229 per barrel in futures on the back of rising geopolitical tensions.

On the Multi-Commodity Exchange (MCX), crude oil for January delivery traded higher by ₹6 or 0.11% at ₹5,229 per barrel in 19,952 lots.

Globally, West Texas Intermediate crude was trading 0.19% higher at $57.90 per barrel, while Brent crude rose 0.13% to $61.99 per barrel in New York.

Crude oil prices have been increasing on the back of rising tensions between the US and Venezuela, after Washington intensified its naval blockade of the region, seizing a second oil tanker on Saturday and pursuing a third.

Copper futures

Copper futures for January delivery increased as much as ₹14.2 or 1.25% to a lifetime high of ₹1147.70 per kilogram on the MCX.

Copper price has so far this year jumped as much as 49% to hit a record high of $5.95 per pound amid supply shortages.

According to a report by global investment bank JPMorgan, the copper price is likely to surge to $12,500 per million tonnes in the second half of 2026, ultimately averaging $12,075/mt for the full year.

JPMorgan's report stated that the copper market has tightened significantly on the back of acute supply disruptions, which have sent its prices soaring.

"In September, a fatal mudslide occurred at Grasberg in Indonesia — the world’s second largest copper mine — triggering a force majeure; the Grasberg Block Cave portion of the mine, which accounts for 70% of previously forecasted production, is expected to remain closed until the second quarter of 2026. Elsewhere, production guidance at the Quebrada Blanca copper mine in Chile has been downgraded due to operational challenges, further compounding the global shortage," JPMorgan said.

Aluminium futures

On the MCX, aluminium futures for the January expiry gained as much as ₹2.15 or 0.75% to a fresh record high of ₹288.25 per kilogram.

Similarly, contracts for February delivery surged as much as ₹2.35 or 0.81% to a lifetime high of ₹291.60 per kilogram.

Zinc futures

Zinc prices rose by ₹1.20 to ₹303.45 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for January delivery traded higher by ₹1.20 or 0.4% to ₹303.45 per kilogram, with a business turnover of 3,183 lots.

The widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher in the futures trade, according to a PTI report, which quoted marketmen as saying.

With inputs from PTI