Copper futures fell during morning trade in the domestic market on Friday as investors and speculators exit positions in the industrial metal as produces prices in China remained in the grip of deflation while the European Central Bank (ECB) cut its growth forecast for the 19-member Euro area economy even as it refrained from fresh policy easing, dimming the demand outlook for copper.

Copper Closed up 0.3% at $4,664 a tonne, after nudging to its highest in two weeks to $4,688.50. While sentiments improved as strike at Codelco’s Salvador copper mine has entered its third day, with the state-owned miner suspending about 40 contractors to prevent them from injuries, it said. Salvador is one of Codelco’s smaller mining projects – it produced 49,000 tonnes of copper in 2015, down from 54,000 tonnes in 2014. 

                        At the MCX, copper futures for November 2016 contract is trading at Rs 313.45 per kg, down by 0.18 %, after opening at Rs 313.9, against a previous close of Rs 314. It touched an intra-day low of Rs 313.3.

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