Copper falls by 1.2% on global cues

Subdued spot demand also affected copper prices

Copper prices fell by 1.20% to Rs 460.40 per kg in futures trade today amid a weak overseas trend and subdued spot demand.

 

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 5.60, or 1.20%, to Rs 460.40 per kg in business turnover of 4,407 lots.

 

Similarly, the metal for delivery in February traded lower by Rs 4.95, or 1.04%, to Rs 470.75 per kg in 172 lots.

 

Analysts attributed the fall in copper futures to a weak global trend as lower imports by China suggested demand by the largest consumer may be weaker than estimated.

 

Meanwhile, copper for delivery in three months fell 1.30% to trade at $7,188.50 a tonne at the London Metal Exchange, the biggest drop since September 12.