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Dec
4
Copper futures down on global cues, higher inventories
December 4, 2009 | Leave a Comment
Copper futures prices today remained weak and traded up to 0.65 per cent down as speculators off-loaded their positions, driven by overnight losses at the London Metal Exchange. Rise in copper inventories, monitored by the LME also weighed on metal”s price at futures market here.
At the MCX, copper for delivery in February contract moved down by 0.65 per cent at Rs 328.25 per kg in turnover of 2,958 lots. The metal for delivery in far-month April contract also shed 0.63 per cent to Rs 330.25 per kg in turnover of 142 lots.
Meanwhile, three-month delivery copper at the LME fell 0.07 per cent to USD 7,075 per tonne, while Shanghai”s copper went down 0.31 per cent to 55,510 yuan per tonne in the morning trade today. Market analysts attributed weakness in metal at the futures market to overnight losses at the LME as weak US services sector data raised concerns over global economic recovery and rise in inventories.
Meanwhile, copper inventories at LME rose by 2,400 tonnes to 445,400 tonnes.