Copper down 0.4% on weak global cues, subdued demand

Metal for delivery in August was down by 0.41%

Copper prices fell by 0.43% to Rs 413.15 per kg in futures trade today on speculators reducing their positions amidst weak global cues.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 1.60, or 0.43%, to Rs 413.15 per kg in a business turnover of 768 lots.

Similarly, the metal for delivery in August was down by Rs 1.70, or 0.41%, to Rs 414.95 per kg in 31 lots.

Analysts attributed the fall in copper futures to weak global trend on speculation that demand in China, the biggest consumer of the metal, will slow and earlier data also projected to show that the US economy shrank in the last quarter.

Moreover, subdued demand in the spot markets have also put pressure on the prices of the metal, they said.

Meanwhile, copper for delivery in three months dropped as much as 0.50% to $6,909.75 per tonne at the London Metal Exchange.