Copper futures prices dropped in London as the three month delivery declined as much as 1.4 per cent to US$8,700 a ton on the London Metal Exchange (LME) due to worries about the U.S. economic growth that put a downward pressure on base metals prices.
Speculators increased their short positions ahead of the release of the U.S. non-farm payrolls data which has scheduled to release at 07:00 PM IST today. The report may show the U.S. non-farm payrolls declined by 31,000 to 185,000 in April 2011 from 216,000 in March 2011.
At MCX, copper future for June contract traded at Rs. 398.75 per kg, down by 0.80 per cent, after opening at Rs. 402.20 against the previous closing price of Rs. 401.95 per kg. It touched the intra-day low of Rs. 393.00 till the trading. (At 05:40 PM today).
At COMEX, copper for July contract traded at US$3.9860 per pound, down by 0.30 per cent, after opening at US$3.9860 against the previous closing price of US$3.9980. It touched the intra-day low of US$3.9280 with a business volume of 15,140 lots till the electronic trading. (At 05:41 PM today).
The U.S. Labor Department reported yesterday that initial jobless claims increased by 45,000 to 474,000 in the week ended April 30, 2011 from the previous figure of 429,000.