Copper futures fall 0.11% on weak global cues

Copper prices drifted lower by 0.11 per cent to Rs 425.65 per kg in futures trade today as participants cut bets in sync with a weak trend overseas amid muted demand at the domestic spot markets.

At the Multi Commodity Exchange, copper for delivery in November shed 45 paise, or 0.11 per cent, to Rs 425.65 per kg in a business turnover of 106 lots.

Similarly, the metal for delivery in August eased by 30 paise, or 0.07 per cent, to Rs 418.20 per kg in 1,785 lots.

Analysts said offloading of positions by traders, triggered by a weak trend at the London Metal Exchange (LME) as the trade war between the US and China clouded the demand-outlook for industrial metals, led to decline in copper prices at futures trade.

Besides, muted demand from consuming industries at the domestic markets too weighed on the metal prices, they added.

At the LME, copper for delivery in three months dropped 0.6 per cent to USD 6,066.50 a tonne, while the most-traded copper contract on the Shanghai Futures Exchange slid 0.4 per cent to 48,540 yuan (USD 7,061.39) a tonne.