Copper futures extended its previous losses on Wednesday as traders ignored the metal due to the weak global sentiments.
MCX Copper futures for February traded as low as Rs 165.50 per kg today and currently trade at Rs 166.79, down Rs 2.25 or 1.74% from the previous close with 13% increase in the open interest suggesting short selling.
The recent gains in the counter might as well be leading to a lack of buying in the counter. Watch out for a support around Rs 164.90 mark for the counter. Selling intensified in the red metal in Asian trades and the COMEX Copper trades at $ 1.5365 per pound, down nearly 4 cents per pound.
