Copper down 0.5% on weak overseas cues

The metal prices for delivery in August shed by 0.52%

Copper futures prices today fell by 0.59% to Rs 422.85 per kg as speculators trimmed their positions, amid a weak overseas cues and sluggish spot demand.

At the Multi Commodity Exchange, copper prices for delivery in November fell by Rs 2.50, or 0.59%, to Rs 422.85 per kg in business turnover of 235 lots.

Similarly, the metal prices for delivery in August shed Rs 2.20, or 0.52%, to Rs 417.75 per kg in 4,014 lots.

Analysts attributed the fall in copper futures to weak global cues on lingering demand which will weaken as the economy slows in China, amid strengthening dollar after European policy makers signalled borrowing costs will be kept lower for longer.

Meanwhile, copper dropped 1.3% to $6,862.50 a tonne on the London Metal Exchange, while the metal prices for delivery in October on the Shanghai Futures Exchange declined 0.6% to 49,820 yuan ($8,133) a tonne.