Commodity Online
MUMBAI: Weakness in copper stocks on bourses was reflected in copper futures, which fell by 1.97% in early trades today extending losses for the second day on the MCX following profit booking by the traders at higher levels.

Copper stocks traded in red amid weak metals on the Bombay Stock Exchange (BSE) today. The sectoral BSE metals index traded at 11983 points with loss of close to 2% during the afternoon trading hours. Birla group major, Hindalco Industries Ltd fell by 3% to Rs.97.35 while, Hindustan Copper Ltd traded at 276 with a loss of 2.5%.



Vedanta Resources group company, Sterlite Industries (India) Ltd fell the most by over 7% to Rs.666.05 on the BSE today.

Copper prices on the Multi Commodity Exchange, too drifted lower amid a subdued trend overseas after the dollar strengthened.

Copper futures for MCX-June contract stood at Rs.244.85 per kg. According to analysts, the fall in copper prices was mostly due to a subdued trend in the metal prices in global markets, weighed down by a stronger dollar and expectations of slowing Chinese demand over the summer.

In the international markets as well, the copper prices hovered lower. Copper LME traded down at USD 5060 per MT today.

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