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Copper futures fall 1.43 pc on global cues, muted demand

Press Trust of India  |  New Delhi 

Copper prices drifted lower by 1.43 per cent to Rs 386.90 per kg in futures trade today as participants indulged in reducing positions in view of monthly expiry amid a weak trend in base metals overseas.

Besides, muted demand from consuming industries in the spot market weighed on prices.

At the Multi Commodity Exchange, copper for delivery this month shed Rs 5.60, or 1.43 per cent to Rs 386.90 per kg in a business turnover of 1,300 lots.

On similar lines, the metal for delivery in far-month February fell by Rs 5.30, or 1.33 per cent to Rs 392.70 per kg in 322 lots.

Analysts said squaring-up of positions by participants as today being the last session of November expiry and a weak trend in the base metals pack at the Metal Exchange (LME), led to the decline in copper prices at futures trade.

Besides, slackened demand from consuming industries at the domestic spot market too kept pressure on metal prices, they said.

Meanwhile, at the LME, copper for delivery in three month retreated from over one-year highs by sliding 3 per cent to USD 5,705 per tonne, the first drop in seven days.

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

First Published: Wed, November 30 2016. 10:57 IST