Copper on MCX settled down -1.26% at 450.75 on fresh selling resumed its decline as some speculators took profits from a December rally and others went short after prices broke below technical levels. Copper surged 12 percent during its December rally and has since eased back by about 3 percent. Prices turned weak as uncertainty about supply in the market because of Chinese import restrictions on copper scrap and labour contract talks at several mines, including the huge Escondida mine. Pressure also seen after the report that futures brokerage Gelin Dahua has cut its long position on the Shanghai Futures Exchange (ShFE) April copper contract by 75 percent over the past two days, according to Reuters calculations based on ShFE data.
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