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Copper Futures See Notable Declines

Recent Drops in Copper Prices

Copper futures have experienced a series of declines in recent trading sessions. On Tuesday, August 13, copper futures fell by 0.53% to Rs 78610 per kilogram on the Multi Commodity Exchange (MCX).

Factors Contributing to the Decline

The fall in copper prices can be attributed to several factors, including a decrease in demand from the domestic market and a reduction in speculative activities by participants in the futures market.

Weak demand for copper has led to lower prices, as industries and consumers scale back their purchases. Additionally, the reduction in speculative trading, where traders buy or sell contracts without the intention of taking physical delivery, has contributed to the price decline.

Historical Perspective

Copper futures have exhibited a downward trend in recent weeks, with several notable drops recorded. On May 21, copper futures fell by 0.5% to Rs 93180 per kilogram. On Monday, May 21, they traded 0.27% lower at Rs 44090 per kilogram. The decline continued on Thursday, with prices falling by 0.11% to Rs 86775 per kilogram due to muted demand.

Impact on Industry and Consumers

The drop in copper futures is likely to have an impact on industries that rely heavily on copper, such as construction and electrical equipment manufacturing. Lower prices could lead to reduced costs for these industries, while consumers may also benefit from decreased copper prices for products like wire and pipes.

Outlook for Copper Futures

The future direction of copper futures is uncertain, as it is influenced by a range of factors including global economic conditions, supply and demand dynamics, and geopolitical events. However, the recent declines indicate a bearish sentiment in the copper market, and further price drops may occur in the short term.

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