ET reported that Indian copper futures prices today fell 0.28% to INR 426.50 per kilogram as speculators trimmed their positions amid a weak trend in the global markets. Besides, rising stockpiles of metal monitored by the London Metal Exchange also put pressure.
At the Multi Commodity Exchange, copper for delivery in April declined by INR 1.20 or 0.29% to INR 426.50 per kilogram in business turnover of 1,454 lots. The metal for delivery in June fell by a similar margin to Rs 432.20 per kilogram in a business volume of 84 lots.
Analysts said that besides rising inventories, concern that policymakers will expand efforts to cool the housing market in China, the world's biggest consumer also put pressure on the copper prices at futures trade. Globally, copper for delivery in 3 months traded 0.50% lower at USD 7,787.50 per tonne on the LME.
Meanwhile, stock piles of copper monitored by the LME up 63% this year increased 0.5% to 520,500 tonnes the highest since March, 2010. Inventories have risen for 20 straight days, the longest streak since January 2010.
