Copper futures drop 0.51% on weak overseas trend

Amid weak global cues, copper prices fell by 0.51 per cent to Rs 421.65 per kg in futures market today as speculators cut their bets.

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 2.15, or 0.51 per cent to Rs 421.65 per kg in business turnover of 487 lots.

Similarly, the metal for delivery in February shed Rs 2.10, or 0.49 per cent to Rs 427.45 per kg in 1 lot.

Analysts said sentiments turned bearish after London copper was at its lowest in 10 days today as jitters over renewed trade tensions between the United States and China weighed on risk appetite and pushed up the dollar.

Meanwhile, copper for delivery in three months traded flat at USD 5,976 a tonne, having earlier slipped to USD 5,952.50, its weakest since August 23 on the London Metal Exchange.

Also, Shanghai Futures Exchange copper fell 1 per cent to 48,100 yuan (USD 7,037) a tonne.