Sun. Jul 14th, 2024

Muted demand for copper futures

By Vaseline May31,2024

New Delhi: Copper futures fell 2.25 percent to Rs883.20 per kilogram on Thursday as participants cut positions amid muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for June delivery fell by Rs20.35 or 2.25 percent to Rs883.20 per kg on an operating turnover of 5,887 lots. Analysts said shortening of positions by speculators against the backdrop of weak demand in the spot market mainly dragged down copper prices in futures trading.

Aluminum futures in red

Aluminum prices fell 1.46 percent to Rs246.45 per kg in the futures market as participants reduced their positions on a weak trend in the spot markets. On MCX, aluminum for June delivery fell Rs3.65 or 1.46 percent to Rs246.45 per kg in a trading volume of 3,762 lots. Analysts said unwinding of positions by participants on easing demand from consuming industries pushed aluminum prices lower.

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