New Delhi, February 17: Copper prices declined by more than 1 per cent in futures trade on Tuesday, tracking weak global trends and subdued demand from domestic consuming industries.
MCX Copper February Contract Drops 1.2%
On the Multi Commodity Exchange, copper for February delivery slipped by Rs 14.40, or 1.2 per cent, to Rs 1,183.65 per kilogram. The contract witnessed a trading volume of 16,193 lots during the session.The decline reflects cautious sentiment among market participants as softer demand from key consuming sectors weighed on prices.
March Copper Futures Also Under Pressure
The March contract mirrored the weakness, falling by Rs 15.55, or 1.27 per cent, to Rs 1,207 per kilogram. The contract recorded a trading volume of 8,063 lots.Traders attributed the downward movement to weak cues from international markets along with muted domestic demand, which continued to pressure copper futures.
Global Copper Prices Slide on Comex and LME
In the global markets, Comex copper futures for March were trading nearly 2 per cent lower at USD 5.70 per pound.On the London Metal Exchange, copper declined by USD 120.90, or 0.94 per cent, to USD 12,734.80 per tonne.
The weakness across major global exchanges further reinforced the negative sentiment in domestic copper futures trading.
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