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Copper futures fall 1.22% on weak global cues

Press Trust of India  |  New Delhi 

Copper prices fell 1.22 per cent to Rs 380.65 per kg in futures trade today as speculators offloaded their positions after the metal dropped at the Metal Exchange (LME) on demand concerns.

At the Multi Commodity Exchange, copper for delivery in April was trading lower by Rs 4.70, or 1.22 per cent, to Rs 380.65 per kg, in a business turnover of 2,639 lots.

Similarly, the metal for delivery in far-month June lost Rs 4.40, or 1.13 per cent, to Rs 385 per kg in 57 lots.

Analysts attributed the fall in copper futures to a weak trend in metal at the LME on worries about demand from world's top consumer were reinforced by expectations of ample supplies and higher inventories in exchange-monitored warehouses.

Stocks in LME-approved warehouses, at 332,975 tonnes, are up nearly 70 per cent since early February.

Meanwhile, copper for delivery in three months ended down 0.9 per cent at USD 5,880 per tonne at the LME in yesterday's trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 12:13 IST