Copper and aluminium futures experienced declines on Wednesday amid subdued domestic demand and position adjustments by market participants.
On the Multi Commodity Exchange (MCX), copper futures for July delivery fell by 0.28% to Rs866.45 per kilogram. This decline, amounting to a decrease of Rs2.45, came as market participants reduced their positions in response to a lackluster demand in the domestic market. The total business turnover for copper futures stood at 6,999 lots. Analysts attribute the drop in copper prices primarily to speculative position adjustments in the face of weak spot market demand.
In a parallel trend, aluminium futures also saw a decrease as prices slipped by Rs1.35 to Rs229 per kilogram. On the MCX, the July delivery contract for aluminium fell by 0.59%, with a reduction of Rs1.35 per kilogram, amidst a turnover of 3,746 lots. The decline in aluminium prices is largely attributed to market participants scaling back their positions due to waning demand from the consuming industries.
Both metals’ futures prices reflect ongoing market adjustments as traders navigate the challenges of current demand trends in the spot markets.
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