MUMBAI: Copper prices have been sharply declining since July on increasing stockpiles amid poor demand. Copper used extensively in the power and construction industries has fallen by about 60 percent since hitting a record high of $ 8,940 a tonne on LME in July.
MCX copper futures yesterday closed at Rs 170 per kg down Rs 8. Big jump in the inventories data and rise in Dollar enforced Copper to end in a negative zone.
On the other hand LME Inventories data piled by 200 tonnes to 292975 tonnes. LME Copper three month forward contract also crashed by $ 65 to close at $ 3390 per tonne.
