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Copper futures slide 0.73% on global cues, spot demand

Press Trust of India  |  New Delhi 

Copper futures traded lower by 0.73 per cent to Rs 327.70 per kg today as speculators cut down their positions, tracking a weak trend overseas.

Besides, sluggish demand from consuming industries at domestic spot market also weighed on prices.

At the Multi Commodity Exchange, copper for delivery in February next year fell by Rs 2.40 or 0.73 per cent to Rs 327.70 per kg in business turnover of 156 lots.

Likewise, the metal for delivery in November contracts was trading lower by Rs 2.25 or 0.69 per cent to Rs 321.75 per kg in 11,945 lots.

Analysts attributed the fall in copper prices to a weak trend in metal overseas following China, the world's biggest producer and user of refined copper, cutting for a sixth month to the lowest level since February 2015 as demand slowed and domestic production rose.

Globally, copper for delivery in three months fell 0.5 per cent to USD 4,788 a metric tonne on the Metal Exchange.

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

First Published: Thu, October 13 2016. 17:13 IST