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Copper futures slip 1.22 to Rs 509.65kg on demand concerns

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Copper costs declined to Rs 509.65 per kg on August 7 as individuals elevated their quick positions.

Copper shares at London Metallic Trade registered warehouses stood at 122,450 tonne, their lowest for the reason that center of January and down greater than 50 p.c since Could. Nonetheless, weighing on the costs are demand issues and manufacturing in China and Peru, which had bounced again from coronavirus disruption by June.

Within the futures market, copper for August supply touched an intraday excessive of Rs 514 and a low of Rs 508.20 per kg on the Multi-Commodity Trade (MCX). Thus far within the present sequence, the dear steel has touched a low of Rs 441 and a excessive of Rs 515.40.

Copper futures for August supply slipped Rs 6.30, or 1.22 p.c, to Rs 509.65 per kg at 19:49 hours on a enterprise turnover of 4,266 tons. The identical for September supply eased Rs 7, or 1.36 p.c, to Rs 506.30 per kg on a turnover of 229 tons.

The worth of August and September contracts traded to date is Rs 1,697.41 crore and Rs 22.13 crore, respectively.

Axis Securities suggested its shoppers to promote August copper futures at Rs 512 with a cease loss at Rs 515 and a goal of Rs 505.

At 14:22 (GMT), the crimson steel value was down 2.44 p.c at $6,328 per tonne in London.

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First Revealed on Aug 7, 2020 08:21 pm

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