Copper declines by 0.4% on global cues

Speculators reduced positions amid weak global cues and subdued domestic demand

Copper prices fell by 0.41% to Rs 433.30 per kg in futures trade today on speculators reducing positions amid weak global cues and subdued domestic demand.

At the Multi Commodity Exchange, copper for delivery in August eased by Rs 1.80, or 0.41%, to Rs 433.30 per kg in a business turnover of 730 lots.

The metal for delivery in August fell by a similar margin to trade at Rs 439.15 per kg in a volume of 15 lots.

Analysts attributed the fall in copper futures to a weak global trend as stockpiles increased last week and investors viewed recent rally as overdone amid subdued demand in the domestic spot markets.
 
Meanwhile, copper stockpiles monitored by the London Metal Exchange (LME) increased by 0.9% last week, the first such advance in 14 weeks.

Globally, copper for delivery in three months dropped as much as 0.4% to $7,122.50 per tonne on the LME, while in Shanghai the metal for delivery in September slid 0.7% to 50,010 yuan ($8,219) a tonne.