Copper declines due to profit taking

Posted by: Religare
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Copper declines due to profit taking
Yesterday, the prices of copper for the November contract fell by Rs 3.20, or 0.75% to Rs 425.35 per kg, with a business turnover of 29 lots at the Multi Commodity Exchange (MCX) due to the losses at the London Metal Exchange. It had ended 0.38% higher at Rs 417.35 per kg in the previous session.

The metal for the June contract also eased by Rs 2.85, or 414.50% to Rs 414.50 per kg, with a business volume of 14,508 lots at the MCX.

The copper for three-month delivery at the LME fell by 0.4% to $9,181 a metric tonne in early trade.

Moreover, the decline in the demand for the metal in the local markets also influenced the prices.

Read more about: copper, commodities, mcx
Story first published: Thursday, June 2, 2011, 13:30 [IST]
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