Copper falls on weak global cues, sluggish demand
Copper prices fell by Rs 2.55, or 0.65% to Rs 390.40 per kg in the futures market today, as speculators offloaded their positions in tandem with a weakening global trend.
At the Multi Commodity Exchange, November copper fell by Rs 2.55, or 0.65%, to Rs 390.40 per kg, with a business turnover of 4,080 lots.
The February contract shed Rs 2.45, or 0.62%, to Rs 395.05 per kg, with a trade volume of 379 lots.
Market analysts said a weakening trend in base metals at the London Metal Exchange (LME), as renewed worries over the resolution of the euro's debt crisis and China's manufacturing dropped to the lowest level in almost three years, mainly kept pressure on the copper futures here.
Meanwhile, copper for three-month delivery plunged by 1.4% to $7,880 per tonne on the LME.