Copper declines 0.47% on overseas trend

Concerns of a slowdown in China, Japan influence prices

Copper futures prices today fell by 0.47% to Rs 413.10 per kg after participants trimmed their positions, taking weak cues from global markets.

At the Multi Commodity Exchange, copper for delivery in August lost Rs 1.95, or 0.47%, to Rs 413.10 per kg, with a trading volume of 17,809 lots.

November copper fell by Rs 1.90, or 0.44%, to trade at Rs 419.05 per kg, with a trading volume of 1,607 lots.

Analysts said the fall in copper futures prices was due to a weakening trend in overseas markets on speculation that a slowdown in China, the world's biggest consumer, and lower-than-expected growth in Japan will dampen the demand for base metals.

 

Meanwhile, three-month copper dropped as much as 0.7% to $7,436 a tonne at the London Metal Exchange.