Published on 20/03/2017 4:17:08 PM | Source: Dion Global Solutions Ltd.

Copper futures slump over 0.93% on global cues

Posted in Commodities| #Copper #MCX #Commodity

Copper futures fell during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal tracking weak cues globally despite solid housing market in China, world's top metals consumer.

Further, China's red-hot property market picked up pace in February, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand. Besides, striking workers union at the world's largest copper mine, BHP Billiton's Escondida, in Chile called a fresh offer of talks by management to end a 39-day strike 'manipulative'. At the MCX, copper futures for April 2017 contract is trading at Rs 387.10 per kg, down by 0.93 per cent, after opening at Rs 389.55, against a previous close of Rs 390.75. It touched the intra-day low of Rs 386.55 (at 15:16 hours).