Business Standard

Copper futures melt on profit booking, global cues

Image

Press Trust of India New Delhi

Amid profit booking by speculators and weak trend overseas, copper futures prices fell by 0.53 per cent, to Rs 382.15 per kg today.

Subdued demand from consuming industries at the domestic markets also weighed on the copper futures prices here.

At the Multi Commodity Exchange counter, copper for February delivery eased by Rs 2.05, or 0.53 per cent, to Rs 382.15 per kg, with a business volume of one lot.

Likewise, the metal for delivery in November weakened by Rs 2, or 0.52 per cent, to Rs 379.95 per kg, with a business volume of 17 lots.

It ended 0.50 per cent higher at Rs 382.95 per kg in the previous session.

 

Meanwhile, three-month copper delivery was trading 0.80 per cent lower at $8,439 a tonne at the London Metal Exchange, while at Shanghai, the metal lost 1.4 per cent to 64,000 yuan ($9,582) a tonne.

Analysts said apart from profit booking by speculators, weak trend overseas as the dollar strengthened, reducing appeal for the commodities, mainly put pressure on the copper futures prices here. They said rising stockpiles in Shanghai were also responsible for the weakness in copper futures prices.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 27 2010 | 1:05 PM IST

Explore News