Weakness in INR caps losses in MCX Copper

Copper eased a bit today, staying near one-week low amid mixed equities as soaring LME Copper inventories weighed on the red metal. LME Copper inventories saw a sharp spike yesterday, adding to recent gains. Inventories zoomed 10525 tonnes to 121000 tonnes, hitting fresh one-month high. COMEX Copper futures are currently trading down 0.50% at $5.49 per pound. MCX Copper futures are trading at Rs 880.55 per kg, down marginally on the day as weakness in Indian Rupee capped losses. The rupee lost 15 paise to settle at 86.07 against the US dollar today.

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