Copper futures on Friday slipped by Rs 1.40 to Rs 626.70 per kg as participants cut down their positions amid muted demand in domestic market.
On the Multi Commodity Exchange, copper contracts for January delivery eased by Rs 1.40, or 0.22 per cent, to Rs 626.70 per kg in a business turnover of 5,259 lots.
Analysts said trimming of positions by speculators due to muted demand in spot market mainly led to the fall in copper prices here.
Copper yesterday settled up by 1.64% at 628.1 as investors hoped for further stimulus measures from the United States after Democrats won control of the crucial Senate chamber.
Democrats completed a sweep of the two U.S. Senate seats in Georgia, giving the party control of the chamber and boosting the prospects for President-elect Joe Biden’s legislative agenda.
Chile’s state-owned copper miner Codelco approved a $1.383-billion budget for the overhaul of its aging Salvador mine. A three-week-long roadblock protest by locals has prevented Las Bambas mine in Peru, run by Australia-based MMG Ltd, from exporting 189,000 tonnes of copper concentrate, a mining association leader said.
Chilean copper commission Cochilco said state miner Codelco, the world’s top copper producer, saw production rise 7% year on year in November to 166,100 tonnes, while production at BHP´s Escondida, the world’s largest mine, fell 12% to 90,800 in the same period.
Collahuasi meanwhile, a joint-venture between Anglo American and Glencore, produced 48,200 tonnes, a 15% year on year decrease. Yangshan copper premium rose to $62.50 a tonne, its highest since Sept. 11, indicating improving demand for imported metal into China.