Copper futures in reverse gear

Copper futures in reverse gear

09/02/2017 14:26

Copper futures fell during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on caution ahead of the China trade data to be released on Friday.

However, supply risks as Goldman Sachs said in a report that, workers at the world’s largest mine in Chile set to strike and with Freeport-McMoRan Inc’s Grasberg mine in Indonesia yet to be granted a new export permit, restricted further fall in copper prices.

At the MCX, copper futures for February 2017 contract is trading at Rs 393.50 per kg, down by 0.24 per cent, after opening at Rs 395, against a previous close of Rs 394.45. It touched the intra-day low of Rs 392.70 (at 14:12 hours).

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