Copper PCR Live – MCX Copper Put Call Ratio (COPPER)

Track the Copper put-call ratio using open interest and change in open interest, with expiry-wise charts, Max Pain and intraday options sentiment.

Copper Put-Call Ratio

Market closed • Latest session data
0.77call OI higher

Copper PCR is 0.77, meaning call open interest is higher than put open interest. PCR is an open-interest ratio and should be read with price, volume and change in OI before drawing a trading view.

Latest trading session: 27 Jul 2026

Expiry

.

.

Spot Price

Expiry Date

  • Lot Size:

    1

  • PCR:

    0.7743

  • CHG IN OI PCR:

    1.1899

What is Copper PCR?

The Copper Put Call Ratio, or COPPER PCR, compares activity in put options with activity in call options for the selected MCX expiry. It provides a compact view of how option positions are distributed, but it should not be treated as a direct forecast of price direction.

This page shows three different calculations:

  • Open Interest PCR: total put open interest divided by total call open interest. It represents the balance of outstanding positions.
  • Change-in-OI PCR: change in put open interest divided by change in call open interest. It helps track how positions are being added or reduced during the session.
  • Volume PCR: put option volume divided by call option volume. It reflects trading activity during the selected period.

These ratios answer different questions. OI PCR shows existing positioning, change-in-OI PCR shows the day's position movement and volume PCR shows activity. They should be reviewed together rather than used as interchangeable indicators.

How to read Copper PCR

A PCR above 1 means that the selected put measure is greater than the corresponding call measure. A PCR below 1 means call-side activity is greater. A reading near 1 indicates a relatively balanced put-call distribution. These are mathematical descriptions, not automatic bullish or bearish signals.

The same PCR movement can be created by different option actions. Put writing, put buying, call writing, call buying and position unwinding can all change the ratio. To understand the likely meaning, compare PCR with:

  • the direction of the Copper futures or underlying price;
  • changes in put and call premiums;
  • strike-wise open interest;
  • the selected expiry and time remaining;
  • implied volatility and current market liquidity.

Avoid applying a fixed 'good PCR' threshold across every commodity. Each contract has its own liquidity, strike distribution and historical range. The most useful comparison is the current COPPER PCR against its own recent values and the current option-chain structure.

Copper-specific market context

Copper is closely watched as an industrial metal, and its price can react to global growth expectations, manufacturing activity, exchange inventories, supply disruptions and currency movement. Copper PCR helps show how option participants are positioned around these developments, but the ratio must be read with the underlying futures trend.

When Copper PCR rises, identify whether put open interest is increasing near lower strikes or call open interest is being unwound near the market. Put writing around a well-tested level can support a bullish interpretation, whereas aggressive put buying alongside a falling Copper price may reflect downside concern rather than optimism.

The distribution of positions is particularly important in Copper because the headline ratio can hide strong call concentration above the market or put concentration below it. Use the option-chain strikes to locate where traders are building risk, then use PCR to summarise the broader balance.

How to use Copper PCR with the option chain

Compare Copper PCR with global industrial-metal sentiment, the MCX futures trend and nearby OI walls. A ratio change that is supported by rising total open interest across several strikes is generally more informative than a move caused by position reduction at one strike.

Start with the overall ratio, then inspect the strikes carrying the largest put and call open interest. Rising put OI below the current market may indicate a zone participants are defending, while rising call OI above the market may indicate an area of supply or resistance. These levels are not permanent; they can weaken quickly when writers unwind positions.

Use the historical PCR table to compare the current reading with the previous sessions. A value that looks high in isolation may be normal for the contract, while a moderate value may be important if it represents a sharp change from the recent range.

Limitations of Copper PCR

PCR is an aggregated indicator. It does not directly identify whether each option was bought or sold, whether a position is a hedge, or whether a large institutional strategy contains several legs. It may also become unstable when total option activity is low or concentrated at a small number of strikes.

Do not use PCR as a standalone buy or sell signal. It is more useful as a confirmation tool alongside price structure, open-interest distribution, volatility, expiry, liquidity and risk management.

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FAQs

No. It is an analytical indicator. A trading decision should also consider trend, volatility, event risk, liquidity, strike concentration and position sizing.
Use the ratio together with strike-level data. Large put OI below the market may mark a support area, while large call OI above the market may mark resistance, but these levels can change as positions are unwound.
Option traders may add hedges, roll positions or unwind strikes without creating a large immediate move in the underlying. PCR reflects option positioning, not only price direction.
The calculation is similar, but the normal range and behaviour can be different because Copper has different liquidity, participants, expiries and underlying drivers. Compare Copper with its own historical values.
It indicates that the selected put measure is larger than the call measure. The market implication depends on whether puts are being written for support or bought for downside protection.
Copper PCR is the ratio of put activity to call activity in MCX Copper options. It is commonly calculated from open interest, change in open interest or trading volume.
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