Copper futures slip as global prices ease after record high

New Delhi, Jan 7 (PTI) Copper prices fell by Rs 8.30 to Rs 1,330 per kilogram in the futures trade on Wednesday tracking a retreat in global prices from record highs.

On the Multi Commodity Exchange (MCX), the red metal futures for January delivery slipped by Rs 8.30, or 0.62 per cent, to Rs 1,330 per kilogram in a business turnover of 14,557 lots.

The February contract also fell by Rs 9.35, or 0.69 per cent, to Rs 1,350 per kg in 5,439 lots.

Traders said the decline was largely in line with weak global cues as traders locked in gains at elevated levels after a sharp rally in recent sessions.

In the international markets, copper futures retreated from record levels. On the Comex, copper for March delivery was trading 1.36 per cent lower at USD 5.97 per pound in New York after touching a record of USD 6.11 per pound on Tuesday.

Similarly, on the London Metals Exchange (LME), the copper prices fell by USD 146.33, or 1.11 per cent, to USD 13,090 per tonne. The metal had surged to a fresh peak of USD 13,390 per tonne in the previous session.

The red metal on Monday breached the USD 13,000 mark for the first time on the LME.

Copper prices soared to hit record highs in the international markets amid expectations of a further tightening in global supply this year, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

He noted that traders are concerned that the Trump administration could introduce new tariffs on refined metals, diverting shipments into the US and leaving major trading hubs such as London and Shanghai short of supply. PTI HG HG ANU ANU