Copper Futures Edge Lower on MCX Amid Weak Demand and Interest Rate Concerns

Strategic Insights -

Copper futures on the Multi Commodity Exchange (MCX) witnessed a decline as speculators trimmed their positions due to sluggish demand at the spot market. The weak trend in base metals on the London Metal Exchange (LME) after the Federal Reserve's delay in increasing interest rates also contributed to the pressure on copper futures. The November delivery contract on MCX was trading at Rs 359.35, down by 1.13% or Rs 4.10 from its previous closing of Rs 363.45, while the February delivery contract was trading at Rs 365.20, down by 1.04% or Rs 3.85 from its previous closing of Rs 369.05.

Key Takeaways:

  • Copper futures on MCX declined due to sluggish demand at the spot market and a weak trend in base metals on the LME.
  • The November delivery contract on MCX was trading at Rs 359.35, down by 1.13% or Rs 4.10 from its previous closing of Rs 363.45.
  • The February delivery contract on MCX was trading at Rs 365.20, down by 1.04% or Rs 3.85 from its previous closing of Rs 369.05.
  • The open interest of the November delivery contract stood at 15048.00 lots, while the open interest of the February delivery contract stood at 708.00 lots.
  • The decline in copper futures on MCX can be attributed to the Federal Reserve's delay in increasing interest rates, which has signalled concerns over rising international risks.
  • The weak trend in base metals on the LME has also contributed to the pressure on copper futures.

Statistics:

  • Copper futures on MCX declined by 1.13% or Rs 4.10 in a single transaction.
  • The open interest of the November delivery contract stood at 15,048.00 lots on MCX.
  • The open interest of the February delivery contract stood at 708.00 lots on MCX.
  • The decline in copper futures on MCX occurred amid concerns over rising international risks and the recent market turmoil.

Sources:

  • "Copper futures edged lower on MCX as speculators trimmed their positions following sluggish demand at the spot market" (Contify.com)
  • "The contract for November delivery was trading at Rs 359.35, down by 1.13% or Rs 4.10 from its previous closing of Rs 363.45" (Contify.com)
  • "The contract for February delivery was trading at Rs 365.20, down by 1.04% or Rs 3.85 from its previous closing of Rs 369.05" (Contify.com)