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Copper succumbs to profit-booking, down 0.36 per cent

Press Trust of India  |  New Delhi 

Amid profit-booking by speculators at existing levels, copper futures fell 0.36 per cent to Rs 447.90 per kg today even as metal strengthened overseas.

Moreover, muted demand at domestic spot markets also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in November declined by Rs 1.60 or 0.36 per cent to Rs 447.90 per kg in a business turnover of 1,671 lots.

The metal for delivery in far-month February next year down Rs 1.55 or 0.34 per cent to Rs 452.80 per kg in a business volume of 12 lots.

Analysts said the fall in copper prices at futures trade was mostly attributed to profit-booking by speculators after recent gains amid fall in domestic demand but a firm trend at the Metal Exchange (LME), minimised the loss.

Globally, copper for delivery in three-months gained 1.3 per cent to settle at USD 6,887 per tonne at the LME in yesterday's trade as optimism over the demand outlook from major consumer fuelled buying.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 13 2017. 11:13 IST