Copper sheds 0.71% on weak global cues
Weak Chinese economy, sluggish physical demand weighs on copper
Copper prices on the MCX fell today by Rs 2.95 to reach Rs 411.80 per kg as speculators offloaded their position tracking the weakness in global markets.
Risk appetite in the local markets diminished today tracking a fall on the London Metal Exchange, where sentiment remained unchanged despite forecasts for growth in US industrial production.
Signs of a slowdown in China, the world's largest exporter and consumer of the industrial metal, weighed on copper prices in the global markets today, analysts said.
At the MCX, copper for delivery in April fell by Rs 2.95, or 0.71% to Rs 411.80 per kg in 17,970 lots.
The June contract shed Rs 2.50, or 0.59%, to Rs 417.70 per kg in 2,049 lots.
Apart from weakness in the global markets, market analysts attributed sluggish demand from the consuming industries, for the fall in domestic copper prices today.
Copper in the international markets declined 0.3% to $7,958.25 a tonne on the London Metal Exchange.