Copper futures softens on global cues
Copper prices declined by 0.53 per cent to Rs 448.10 per kg in futures trade today, extending its yesterday's losses on firming dollar and rising inventories.
At the Multi Commodity Exchange , copper for delivery in April declined by Rs 2.40, or 0.53 per cent, to Rs 448.10 per kg, with a business turnover of two lots.
Similarly, the metal for delivery in February traded lower by Rs 2.10, or 0.47 per cent, to Rs 442.75 per kg, with a business volume of 12 lots. It ended 0.13 per cent lower at Rs 444.85 per kg in the previous session.
Marketmen said offloading of positions by speculators, amid weak global trend as strengthening dollar reduced appeal for commodities, including metals and rising inventories at the London Metal Exchange (LME).
Stockpiles monitored by the LME rose for the sixth day yesterday to 411,475 tonnes, the highest level since August last. At Shanghai Futures Exchange, stockpiles jumped to a nine-month high of 161,062 tonnes last week.
Meanwhile, copper for three-month delivery declined 0.4 per cent to USD 9,768.25 a metric tonne at the LME.