Copper weakens on global cues, subdued demand

Weak global trend before industrial output data from the US affected prices

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Amid weak global cues and subdued domestic demand, copper prices fell marginally by 0.10% to Rs 456.50 per kg in futures trade today on speculators trimming positions.

 

At the Multi Commodity Exchange, copper for delivery in February next year fell by 45 paise, or 0.10%, to Rs 456.50 per kg in business turnover of 34 lots.

 

Similarly, the metal for delivery in November traded lower by just five paise, or 0.01%, to Rs 445.45 per kg in 857 lots.

 

Analysts attributed the fall in copper futures to weak global trend before industrial output data from the US and on concern that credit is tightening in China.

    

Besides, subdued demand in the spot market also put pressure, they said.

 

Meanwhile, copper for delivery in three months dropped as much as 0.2% to $7,171.25 per tonne on the London Metal Exchange.