Copper futures fall 0.47% on weak global cues

Copper fell by 0.47 per cent to Rs 437.65 per kg in futures trade today as speculators cut down their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, copper for delivery in November fell by Rs 2.05, or 0.47 per cent, to Rs 437.65 per kg in a business turnover of 189 lots.

Likewise, the metal for delivery in August contracts weakened by Rs 1.50, or 0.35 per cent, to Rs 432 per kg in 1,332 lots.

Analysts said, offloading of positions by traders, driven by a weak trend overseas where London copper traded lower for a fifth session, few hours before the United States announced tariffs on chinese goods.

Copper, which was seen as a bellwether for economic health, hit an 11-month low in London, where it is down by 4.9 per cent so far this week, putting it on track for its steepest weekly drop since the week ending November 20, 2015.

Meanwhile, copper for delivery in three-months went down by 0.8 per cent to USD 6,295 a tonne, its lowest since July 28, 2017, on the London Metal Exchange.