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Copper declines by 0.7% on global cues

Subdued demand from consuming industries fuelled the downtrend

Press Trust of India New Delhi
Copper prices declined by 0.70% to Rs 334.90 per kg in futures trading today as speculators offloaded positions.

Further, subdued demand from consuming industries fuelled the downtrend.

At the Multi Commodity Exchange, copper for delivery in February moved down by Rs 2.35, or 0.70%, to Rs 334.90 per kg in a business turnover of 1,291 lots.

Also, the metal for delivery in April traded lower by Rs 2.30, or 0.67%, to Rs 339.45 in a business volume of 82 lots.

Analysts attributed the fall in copper futures to weak trend in base metals at the London Metal Exchange (LME) before this weekend's release of manufacturing data from China, the biggest consumer of metals, and rising inventory.
 
Globally, copper for delivery in three months slipped 0.1% to $5,390 a metric tonne at the LME, while in Shanghai, the metal for delivery in April fell 0.7% to 39,030 yuan ($6,243) a metric tonne.

Meanwhile, inventory tracked by the LME advanced to 247,450 metric tonnes on January 29, the highest in nine and a half months, according to bourse data.

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First Published: Jan 30 2015 | 11:00 AM IST

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