Copper down by 0.3% on weak global cues

A weak global trend affected copper prices

Copper prices fell by 0.28% to Rs 407.20 per kg in futures trade today after speculators trimmed positions, tracking a weak global trend on concern that demand from China will continue to slow.

 

At the Multi Commodity Exchange (MCE), copper for delivery in August fell by Rs 1.15 or 0.28% to Rs  407.20 per kg in business turnover of 5,418 lots.

 

In a similar fashion, the metal for delivery in far-month November declined by Rs 1.05 or 0.25% to Rs 415.30 per kg in 463 lots.

 

Market analysts said, the fall in copper prices at futures trade was due to off-loading of positions by speculators, taking weak cues from global market on concern that demand from China, the biggest consumer, will continue to slow.

 

Meanwhile, copper for delivery in three months fell 0.6% to $6,820 a tonne, the lowest since July 10, on the London Metal Exchange.