Copper down by 1.3% on global cues

Speculators reducing their positions amid weak global cues affected prices

Copper futures traded 1.33% lower at Rs 371.85 today on speculators reducing their positions amid weak global cues.

At Multi Commodity Exchange, copper for delivery in far-month November fell sharply by Rs 5, or 1.33% at Rs 371.85 per kg, in a business turnover of 19 lots.

Similarly, the metal for delivery in August was down Rs 4.50, or 1.22%, at Rs 365.50 per kg in 729 lots.

Analysts attributed the fall in copper futures to weak cues from global market after industrial metals fell as Greece's vote against austerity and moves by China to halt the collapse of domestic equities raised speculation that economic growth may falter and weaken demand.

Meanwhile, copper on the London Metal Exchange slide 1.7% to $5,660 per tonne, while metal for September delivery on the Shanghai Futures Exchange declined 2.7% to 41,250 ($6,645) per tonne.