Copper falls 0.5% on weak global cues

In November, Copper declined by Rs 1.95, or 0.47%, to Rs 412.60 per kg in 68 lots.

Copper prices fell by 0.49% to Rs 406.75 per kg in futures trade today after speculators trimmed positions, tracking a weak global trend.

 

At the Multi Commodity Exchange, copper for delivery in August fell by Rs 2, or 0.49%, to Rs  406.75 per kg in business turnover of 799 lots.

 

In a similar fashion, the metal for delivery in November declined by Rs 1.95, or 0.47%, to Rs 412.60 per kg in 68 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 the global market after China's exports and imports unexpectedly declined. 

 

It has fuelled concerns that the slow economic growth will hurt the demand for metals with the world's largest user.

 

Meanwhile, copper for delivery in three months fell 0.4% to $6,704.75 a tonne on the London Metal Exchange.