Copper falls by 0.1% on overseas cues

Weak global cues on concern that demand will remain weak in China, affected prices

Amid a weak trend in the global market and subdued domestic demand, copper prices fell by 0.13% in futures trade today as speculators trimmed positions.

At the Multi Commodity Exchange, copper for delivery in far-month February next year fell by 55 paise, or 0.13%, to Rs 417.30 per kg in business turnover of 18 lots.

The metal's price for delivery in November shed 50 paise, or 0.12%, to trade at Rs 411.80 per kg in a turnover of 166 lots.

Analysts attributed the fall in copper futures to weak global cues on concern that demand will remain weak in China, the world's biggest consumer of industrial metals.

Besides, low demand from consuming industries at domestic market also put pressure on copper prices, they said.

Globally, copper for delivery in three months retreated as much as 0.50%, to $6,695 a tonne in the London Metal Exchange, while the metal for delivery in January next year in the Shanghai Futures Exchange dropped 0.70% to 47,060 yuan ($7,697) a tonne.