Copper falls by 1.1% on overseas cues

Amid a weak trend in the global market and profit-booking by speculators, copper prices fell by 1.12% in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in far-month February fell by Rs 5.80, or 1.12%, to Rs 514 per kg in business turnover of 110 lots.

 

The metal's prices for delivery in November shed Rs 5.55, or 1.09%, to trade at Rs 504.40 per kg in a turnover of 1,826 lots.

 

Analysts attributed the fall in copper futures to weak global cues as inventories on the London Metal Exchange (LME) rose the most in more than two months and also on concern that the US Federal Reserve is getting closer to tapering stimulus.

 

Besides, profit-booking by speculators after recent gains also weighed on metal prices, they said.

 

Meanwhile, copper stockpiles monitored by the LME increased by 2.2%, the most since June 21, to 602,850 tonnes, according to daily exchange figures.

 

Globally, copper for delivery in three months fell 0.30%, to $7,223 a tonne at the LME, while the metal for delivery in December on the Shanghai Futures Exchange declined 0.1% to 52,290 yuan ($8,543) a tonne.