Copper falls by 0.4% on weak global cues

Copper prices fell by 0.39% to Rs 429.10 per kg in futures trade today as speculators trimmed their positions, tracking a weak global trend.

 

At the Multi Commodity Exchange, copper for delivery in August month fell by Rs 1.70, or 0.39%, to Rs 429.10 per kg in business turnover of 1,877 lots.

 

On the similar lines, the metal for delivery in far-month November contracts declined by Rs 1.25, or 0.28%, to Rs 438.05 per kg in 207 lots.

 

Market analysts said the fall in copper futures trade was mostly in line with a weakening trend overseas as better-than-expected US trade data fueled concern the Federal Reserve may reduce its bond purchases this year, reducing stimulus from the economy and weakening demand for base metals.

 

Globally, copper fell by 0.60% to 6,966.50 dollar a metric ton on the London Metal Exchange, while futures for delivery in November on the Shanghai Futures Exchange, metal shed 0.3% to 50,050 yuan ($8,176) a tonne.