Agri Business

Copper futures soften on weak global trend

PTI New Delhi | Updated on January 05, 2011

Copper futures prices fell by 0.32 per cent to Rs 440.85 per kg on Wednesday, as speculators reduced their positions after the metal declined from record in the global market due to a strong dollar.

At the Multi Commodity Exchange counter, copper for delivery in April traded down by Rs 1.30 or 0.32 per cent at Rs 440.85 per kg with a business turnover of six lots.

February contract weakened by Rs 1.30 or 0.3 per cent to Rs 437.90 per kg with an open interest of 13 lots. It hit a contract high of Rs 446.30 per kg in the previous session.

Market analysts said a weak trend at the London Metal Exchange (LME), as a recent rally in metal prices deterred buying in China, weighed on the futures prices here.

Besides, rise in inventories, monitored by the Shanghai Futures Exchange climbed to a six—week high of 131,891 tonnes last week, also kept pressure on the copper prices.

Meanwhile at the LME, three—month copper dropped as much as 1.1 per cent, the most in two weeks to $9,476 a tonne, after reaching a record $9,754 on Tuesday.

Published on January 05, 2011

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