Copper prices moved down by Rs 3.45 to Rs 416.40 per kg in futures trade today as speculators reduced their positions, tracking a weak trend in global markets.
Trading sentiment turned bearish after copper slumped in global markets as concerns over Europe's sovereign-debt crisis outweighed labour disputes that could reduce global supply.
Meanwhile, copper for three-month delivery declined by one% to $8,679 a tonne on the London Metal Exchange.
At the Multi Commodity Exchange, copper for delivery in November moved down by Rs 3.45, or 0.82%, to Rs 416.40 per kg, with a business turnover of 22,671 lots.
Similarly, the metal for delivery in February shed Rs 3.40, or 0.80%, to Rs 420.55 per kg, with an open interest of 1,016 lots.
Market analysts said apart from a weakening trend in global markets, sluggish spot demand mainly led to the fall in copper prices in the futures trade here.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app