Copper down by 0.3% on weak global cues

Copper futures prices today fell 0.29% to Rs 452.50 per kg, as speculators engaged in trimming positions amid a weak trend in the global markets.

 

Besides, subdued spot demand also put pressure.

 

At the Multi Commodity Exchange, copper for delivery in November declined by 70 paise, or 0.29%, to Rs 444.70 per kg in business turnover of 862 lots.

 

The metal for delivery in far-month February next year fell Rs 1.10, or 0.24%, to Rs 452.50 per kg in a business volume of 158 lots.

 

Analysts said besides, subdued spot demand, weak trend overseas on concern that the US Federal Reserve may start tapering stimulus in coming months, reducing the demand prospect for the metal, also put pressure on the copper prices at futures trade.

 

Globally, copper for delivery in three-months traded 0.30% lower at $7,075.25 per tonne on the London Metal Exchange.