Copper Prices Plummet Over 2% on MCX Amid China's Rising Supply, Weak Demand

• Copper prices on MCX fell over 2% to around 1220 due to fears of increasing supply from China and rising inventories in Asian warehouses.
• China's refined copper production is estimated to increase by 5% this year, following a 10% jump last year, signaling potential oversupply.
• Rising copper inventories in London Metal Exchange (LME) warehouses in Asia indicate global supply exceeding demand.
• Demand from Chinese manufacturing and fabrication companies has slowed ahead of the Lunar New Year holidays, further pressuring prices.
• The 1220 level on MCX is a crucial psychological zone; continued global pressure and rising Asian stockpiles could lead to further weakness.