Copper Prices Decline Sharply In Indian and International Markets

capital market | Mumbai | September 13, 2017 19:29 IST

Copper Prices Decline Sharply In Indian and International Markets

Copper prices on the London Metal Exchange dipped lower again on Wednesday, with copper and zinc prices coming under increased pressure from further large stock deliveries.

The three-month copper price has fallen a further 1% this morning as 32,550 tonnes were delivered into LME warehouses, the majority of the stock was delivered into Rotterdam with 1925 tonnes sent to Hull and the remaining 950 tonnes arriving in Busan.

This follows 12425 tonnes of copper cathodes delivered on Tuesday as a fierce copper backwardation on the exchange collapsed. Cash to three-month is now trading at $43.75 contango.

U.S. President Donald Trump said this week that U.N. sanctions on North Korea agreed this week were a small step and nothing compared to what would have to happen to deal with the countrys nuclear programme.

India MCX Copper was trading at Rs 423.35 per kg, down 1.7%. The prices was trading at Rs 430.55 per kg, and a low of Rs 422.7 per kg.

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