27, February 2026

A STUDY ON LINKAGE ACROSS SPOT AND FUTURES MARKETS OF MCX COPPER

VOLUME-12; ISSUE-2; FEB-2026

Author(s): Lakshay Garg, Dr. Shakti Singh, Himanshi Garg

Authors Affiliations:

1Research Scholar (PhD), Department of Commerce, Maharshi Dayanand University, Rohtak, India

2Associate Professor, Department of Commerce, Maharshi Dayanand University, Rohtak, India

3 Research Scholar (PhD), Department of Commerce, Maharshi Dayanand University, Rohtak, India

DOIs:10.2015/IJIRMF/202602037     |     Paper ID: IJIRMF202602037


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Abstract:    The study explores the linkage across copper spot and its corresponding futures prices traded on Multi Commodity Exchange (MCX). Owing to its extensive industrial usage, copper provides an appropriate setting to examine the role of derivatives in the price formation process. For this purpose, daily price data related to spot and its corresponding futures is collected from the portal of MCX for a seven-year period from 1 April 2017 to 31 March 2024. The analysis was carried out using time-series methods such as descriptive statistics, lag selection criteria, unit root tests (ADF and PP), and the Johansen co-integration test. The findings show that both price series follows a first-order integration process, and exhibit a stable equilibrium relationship over the long run, indicating a close connection between the spot and futures markets for copper traded on MCX.

 

 

Key Words:  relationship, spot, future, copper, commodity derivatives, co-integration.

Lakshay Garg, Dr. Shakti Singh, Himanshi Garg (2026); A STUDY ON LINKAGE ACROSS SPOT AND FUTURES MARKETS OF MCX COPPER, International Journal for Innovative Research in Multidisciplinary Field, ISSN(O): 2455-0620, Vol-12, Issue-2, Available on –   https://www.ijirmf.com/

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