Copper Prices Decline in February and March Contracts
New Delhi, February 16: Copper prices declined in futures trading on Monday, tracking weak global trends and subdued demand in the domestic spot market.On the Multi Commodity Exchange, copper for February delivery fell by Rs 5.90, or 0.49 percent, to Rs 1,203.60 per kilogram. The contract recorded a trading volume of 16,263 lots during the session.
Similarly, the March contract slipped by Rs 6.40, or 0.52 percent, to Rs 1,228.65 per kilogram, with a traded volume of 7,698 lots.
Global Market Trends Weigh on Copper
Market participants attributed the decline in copper futures to weak international cues and muted demand from consuming industries in the domestic market.In the overseas markets, Comex copper futures for the March contract were trading 0.45 percent lower at USD 5.77 per pound.
On the London Metal Exchange, the red metal eased by USD 20.42, or 0.16 percent, to USD 12,900.58 per tonne.
The combined pressure from global price movements and softer domestic demand weighed on sentiment in the copper futures segment.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.