Copper down 0.1% on weak global cues, subdued demand

Copper for delivery in August down by 0.17%.

Amid weak global cues on demand concern, copper prices fell by 0.18% to Rs 418.20 per kg in futures trade today on speculators reducing their positions.

 

At the Multi Commodity Exchange, copper for delivery in far-month August contracts traded 75 paise, or 0.18%, to Rs 418.20 per kg in business turnover of 371 lots.

 

Similarly, copper for delivery in August down by Rs 70, or 0.17%, to Rs 412.55 per kg in 3,830 lots.

 

Analysts attributed the fall in copper futures to weak global trend on demand concern as China's trade and industrial production in May trailed estimates and on prospects that the Federal Reserve will scale back stimulus.

   

Besides, subdued demand in the spot market also put pressure, they said.

 

Meanwhile, copper for delivery in three months dropped as much as 1.1% to $7,151.25 per tonne, the lowest price since May 16 on the London Metal Exchange.