Mumbai: Indian copper futures were marginally higher on Friday, 14 March, as a supply-tight market supported prices, but investors feared a recession in the United States may lead to a drop in demand, analysts said.
At 10.37am the most active April contract on the Multi Commodity Exchange of India (MCX) traded at Rs338.90 a kg, up 0.3% from the previous close.
“Volumes have been falling in basemetals as people are seen shifting to gold, which is trading near record,” an analyst with Kotak Commodity Services said. “Because of poor demand outlook in the US, things are a little uncertain in base metals now.”
Other basemetals rose on cues from copper, with steel-additive nickel up nearly 0.5% and lead rising 1%.
Aluminium futures were steady, but analysts said prices would be supported by higher crude oil prices and turmoil in riot-hit Guinea, a major bauxite producer.