Copper Prices Declined By 1.3 Percent

LME Copper prices declined by 1.3 percent on Tuesday to close at $5773/t on account of profit booking at higher levels as prices fell to its lowest in a month on Tuesday on a surge in warehouse stocks and zinc hit a seven-week low as investors liquidated positions in both metals on concerns that markets had decent supplies despite mine strikes and shutdowns.

On Friday a weekly 23,974-tonne build in Shanghai Futures Exchange stocks took total inventories to just shy of 320,000 tonnes, the most since last April. MCX copper prices traded lower by 1.3 percent on Tuesday to close at Rs.386.8 per kg.

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Suhani Verma

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