Copper futures plunge 2.66 pc on weak global cues, low demand

Copper prices drifted down by 2.66 per cent to Rs 405 per kg in futures market today as speculators cut down positions, triggered by a weak trend overseas.

Besides, slump in demand from consuming industries at domestic spot market, fuelled the downtrend.

At the Multi Commodity Exchange, copper for delivery in August fell by Rs 11.05, or 2.66 per cent, to Rs 405 per kg in a business turnover of 8,561 lots.

Similarly, the metal for delivery in November declined by Rs 10.85, or 2.56 per cent, to Rs 413 per kg in 870 lots.

Analysts said offloading of positions by traders mainly dampened sentiment here.

Meanwhile, the October copper contract fell 3.3 per cent to its lowest since June 2017 on the Shanghai Futures Exchange, and was trading down 2.5 per cent at 47,600 yuan (USD 6,865.71) a tonne.

Also, three-month copper on the London Metal Exchange was trading lower for a fifth session, slipping 0.3 per cent to USD 5,813 a tonne, after hitting a 15-month low of USD 5,773 a tonne yesterday.