Copper down 1.13% on weak global cues

Weak Chinese markets, fall in demand in local physical markets pulls copper down

Tracking weak trends in the global markets, copper prices shed Rs 4.75 to Rs 414.95 per kg in futures trade today, as speculators offloaded their positions.

On the MCX, copper for delivery in June lost Rs 4.75, or 1.13%, to Rs 414.95 per kg in business turnover of 3,547 lots.

The April contract moved down by Rs 4.60, or 1.11%, to Rs 409.10 per kg in 32,007 lots.

Market analysts said that apart from the weak trend in base metals in global markets, sluggish demand from consuming industries in the spot market were mainly responsible for dragging copper prices in the futures market here.

They said sentiment turned weak as copper declined in global markets after China's economy, the major consumer of base metals, grew less than expected in the first quarter, spurring demand concerns.

Meanwhile, copper for delivery in three months fell by 1.3% to $7,887.75 a tonne, the lowest since January 13, on the London Metal Exchange.