Copper futures ease 0.06% as demand falters

Copper prices moved down by 0.06 per cent to Rs 428.70 per kg in futures trade today as speculators cut down their bets amid subdued demand at the spot market.

Copper for delivery in August shed 25 paise, or 0.06 per cent, to Rs 428.70 per kg in a business turnover of 284 lots at the Multi Commodity Exchange.

Likewise, the metal for delivery in November traded lower by 10 paise, or 0.02 per cent, to Rs 435.95 per kg in one lot.

Analysts said copper prices fell in line with a weak trend in industrial metals following sluggish demand from consuming industries at the domestic spot market even as it strengthened in global markets amid tense negotiations at the world's largest Chile's Escondida copper mine.

Globally, the most-traded September copper contract on the Shanghai Futures Exchange climbed 2.2 per cent to 50,270 yuan (USD 7,395) per tonne, the highest since July 5.

At the London Metal Exchange, three-month copper jumped 2.7 per cent yesterday.