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Copper futures slide 0.30% on muted demand, profit-booking

Press Trust of India  |  New Delhi 

Copper prices softened by 0.30 per cent to Rs 409.30 per kg in futures trade today as speculators offloaded their positions amid sluggish demand at the domestic spot markets even as it strengthened overseas.

At the Multi Commodity Exchange, copper for delivery in August declined by Rs 1.25, or 0.30 per cent to Rs 409.30 per kg in business turnover of 965 lots.


Similarly, the metal for delivery in far-month November contracts eased by 95 paise, or 0.23 per cent to Rs 415.95 per kg in 26 lots.

Analysts attributed the fall in copper futures to weak trends at the domestic markets owing to slackened demand from consuming industries coupled with profit-booking.

However, a firm trend on the Metal Exchange (LME) where copper prices hit two-year peaks as soaring steel and iron ore prices in brightened the outlook for growth and industrial demand in the world's largest metals consumer, capped the fall at futures trade here, they added.

Globally, copper for three-month delivery ended higher 0.7 per cent at USD 6,414 per tonne at the LME.

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

First Published: Tue, August 08 2017. 11:28 IST
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