Copper prices decline on easing of supply disruption concerns

Kolkata: Copper prices are declining due to the easing of supply disruption concerns at the major mines. MCX copper is currently trading at Rs.377 per kg and is at the lowest level since January, in line with falling prices at the LME.

"Prime reason being recent comments by the workers union at Escondida, the world’s biggest copper mine in Chile, that it was open to further conversation with the company, in turn giving way to negotiations. Other major setback came from Freeport in Indonesia, which has resumed production of copper concentrate at its giant Grasberg mine," said Kaynat Chainwala (research analyst - base metals) at Angel Broking.

She added, "This is likely to keep copper stressed in the coming weeks since these two mines collectively account for 8 percent of global copper production.”