Copper weakens on overseas trend
Traders reduce their positions, taking weak cues from global markets
Copper futures prices today fell by 0.32% to Rs 424.70 per kg as traders reduced their positions, taking weak cues from global markets.
At the Multi Commodity Exchange, The August contract for the metal lost Rs 1.35, or 0.32%, to Rs 424.70 per kg, with a trading volume of 3,655 lots.
The November contract also fell by Rs 1.30, or 0.31%, to trade at Rs 429.10 per kg, with a trading volume of 195 lots.
Analysts said the fall in copper futures prices was due to a weakening trend in overseas markets after China's premier said the momentum for a recovery in economic growth is not yet in place, raising speculation that demand may decline in the world's largest consumer.
Meanwhile, for three-month, copper dropped as much as 0.5% to $7,661 a tonne at the London Metal Exchange.