Copper futures retreat on global cues, muted demand

Amid weak global cues and subdued domestic demand, copper futures traded a shade lower at Rs 345.50 per kg today as speculators pared their bets.
At the Multi Commodity Exchange, copper for delivery in February fell 25 paise, or 0.07 per cent, to Rs 345.50 per kg in a business turnover of seven lots.
Similarly, the metal for delivery in November traded lower by 20 paise, or 0.06 per cent, to Rs 339.35 per kg in 979 lots.
Analysts attributed the fall in copper futures to a weak global trend after a private gauge of manufacturing in China for September fell to the lowest since March 2009.

Besides, subdued demand in the domestic spot market put pressure, they said.
Meanwhile, copper for delivery in the three months traded 0.5 per cent down at USD 5,085 per tonne on the London Metal Exchange while in Shanghai, the metal for delivery in November fell 4.2 per cent to the lowest level in nearly a month.