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Copper futures were trading tad lower in the domestic market on Wednesday as the sharp surge in prices in the previous session prompted traders, to book profits, in the industrial metal, at existing levels.
Prices of the metal soared by nearly 3 per cent on Tuesday as reports that Chinese smelters may slash output by a total 200,000 metric tons next quarter to support prices, and speculation of further China stimulus after the People’s Bank of China said that it would "flexibly" use various policy tools to maintain appropriate liquidity, bolstered sentiment.
China is the world’s biggest consumer of copper, accounting for more than 40 per cent of the metal’s global consumption. At the MCX, Copper futures for February 2016 contract is trading at Rs 316.5 per kg, down by 0.05 per cent after opening at Rs 316.25, against the previous closing price of Rs 316.65. It touched the intra-day low of Rs 315.2.