Copper futures edged lower on MCX as speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market. Further, renewed fears over a US interest rate hike in September dimmed the appetite for risky assets with worries that the world's biggest economy may not be strong enough to handle near-term monetary tightening. A top Fed official on Tuesday raised the likelihood of a hike in borrowing costs as early as September.
The contract for August delivery was trading at Rs 318.85, down by 0.73% or Rs 2.35 from its previous closing of Rs 321.20. The open interest of the contract stood at 27156.00 lots.
The contract for November delivery was trading at Rs 325.25, down by 0.69% or Rs 2.25 from its previous closing of Rs. 327.50. The open interest of the contract stood at 1518.00 lots on MCX.