Comments
Copper prices declined by 0.75 per cent to Rs 404.10 per kg at the futures trade today as speculators reduced their positions, triggered by a weakening global trend.
At the Multi Commodity Exchange, copper for delivery in June fell by Rs 3.05 or 0.75 per cent to Rs 404.10 per kg with a business turnover of 6,598 lots. It had ended flat at Rs 407.15 per kg in the previous session.
Similarly, the metal for delivery in August also traded lower by Rs 2.80 or 0.68 per cent to Rs 408.60 per kg in 1,348 lots.
Market analysts said weakness in copper at the futures trade was mainly due to a weakening trend at the London Metal Exchange, where concerns over monetary tightening in China and a stronger dollar weighed on the sentiment.
In addition, sluggish demand at the domestic spot markets put some pressure on the prices, they said.
Meanwhile, copper for three-month delivery fell by 0.9 per cent to $8,965 a tonne at the London Metal Exchange.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.