New Delhi, Nov 18 (PTI) Copper prices extended their losing streak for the third consecutive day on Tuesday in futures trade as fading expectations of a rate cut by the US Federal Reserve in December dented investor sentiment.
On the Multi Commodity Exchange, copper futures for the December contract declined by Rs 8.35, or 0.83 per cent, to Rs 1,001.40 per kilogram in a business turnover of 4,883 lots.
Traders said persistent weakness in copper prices was driven by uncertainty over the US monetary policy outlook and a lack of fresh macroeconomic data cues.
On the global front, Copper prices also remained under pressure. On the London Metals Exchange (LME), copper futures fell by USD 96.50, or 0.90 per cent, to USD 10,682.75 per tonne. Similarly, Comex copper futures were quoting 0.45 per cent lower to USD 4.96 per pound.
"Copper extended its decline on the LME as fading confidence in a December Fed rate cut and policymakers' cautious stance, amid limited clarity on labour and inflation trends, kept sentiment subdued," brokerage firm Kotak Securities said in a note.
The note further added that the absence of fresh US macroeconomic data, which typically acts as a key anchor for rate expectations and the dollar, added to market unease.