Copper plunges by 2.5% on global cues

Copper prices tumbled 2.48% to Rs 334.10 per kg in futures market today as speculators indulged in reducing positions after it slumped to six years low in global markets.

At the Multi Commodity Exchange, copper for delivery in far-month November traded lower by Rs 8.50, or 2.48%, to Rs 334.10 per kg in a business turnover of 430 lots.

Also, metal for delivery this month (August) fell by Rs 8.30, or 2.46%, to Rs 329.45 per kg in 3,338 lots.

Market analysts said weak trend in metal overseas, where it dropped to a six-year low and other industrial metals declined on concern that China's economic slowdown will exacerbate gluts of everything from oil to metals, weighed on copper futures here.

Meanwhile, copper on the London Metal Exchange lost as much as 2.6% to $4,922.50 per tonne, the lowest since 2009.