Copper prices eased 0.35 percent to Rs 598.50 per kg on January 29 on increased volatility in the international market. The base metal traded in the red after a gap-down open tracking firm dollar in the evening session.
Logistical issues in COVID-19 vaccinations dented hopes for a speedy recovery in the global economy, keeping a lid on prices for copper.
Copper stocks in warehouses certified by the LME are at their lowest since September at 76,350 tonnes. Stocks in warehouses registered with the Shanghai Futures Exchange are at their lowest since 2011 while Comex inventories are also slipping.
The Yangshan copper premium rose to $72 a tonne, the highest since August 2020.