Copper futures extend fall on weak global cues

Copper prices traded lower by 0.11 per cent to Rs 423.40 per kg in futures market Tuesday as speculators reduced bets amid a weak trend overseas.

At the Multi Commodity Exchange, copper for delivery in November declined by 45 paise, or 0.11 per cent, to Rs 423.40 per kg in a business turnover of 1,956 lots.

Likewise, the metal for delivery in February contracts shed 30 paise, or 0.07 per cent, to Rs 429.45 per kg in six lots.

Analysts said sentiment remained bearish after London metal prices steadied Tuesday, but a trade dispute between China and the United States chilled factory activity in August and tempered appetite for metals.

Meanwhile, copper for delivery in three months hit its weakest in nearly two weeks at USD 5,935 a tonne before steadying to trade flat at USD 5,968 a tonne. Shanghai Futures Exchange copper fell 0.4 per cent to 47,970 yuan (USD 7,034) a tonne.