Copper Update - Copper prices fell by 2.09 per cent on Monday as steep declines on Chinese stock markets dampened appetite for the red metal. Market players are concerned that the plunge in the stock market could spread to other parts of the Chinese economy, triggering fears that the Asian nation's demand for the industrial metal will decline.
At the MCX, copper futures for February 2016 contract were trading at Rs.295.10 per 1 kg, down by 2.09 per cent, after opening at Rs. 300.60 against the previous closing price of Rs. 301.40. It touched the intra-day low of Rs. 294.55 till the trading.
However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1350 metric tonnes to 235300 metric tonnes as on January 11, 2016.
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