Crude oil, copper post sharp fall on MCX due to global uncertainty

Lead, nickel and zinc lose 3.5% each on expectations of uncertain demand; slight dip in bullion

Copper declined by 4.6 per cent on the Multi Commodity Exchange (MCX) due to forecasts of a slowdown in demand and uncertainty in the global economy brought on by the spread of coronavirus (Covid-19).

The most active near-month copper contract on the MCX declined the most to trade at Rs 355 a kg towards the end of the day on Monday, following a similar decline on the benchmark London Metal Exchange (LME) and Shanghai exchange. Copper futures for delivery in the near month hit the lowest in 11 years on weak demand forecast due to shutdowns and trade curbs among