Copper down by 0.4% on weak global cues

Copper prices fell by 0.44% to Rs 431.60 per kg in futures trade today after speculators trimmed positions, tracking a weak global trend.

 

At the Multi Commodity Exchange (MCX), copper for delivery in November fell by Rs 1.85, or 0.44%, to Rs 431.60 per kg in business turnover of 258 lots.

 

Similarly, the metal for delivery in August declined by Rs 1.75, or 0.41%, to Rs 431.60 per kg in 3,841 lots.

 

Market analysts said, the fall in copper prices at futures trade was due to off-loading of positions by speculators, taking weak cues from global market on concern that global supply will exceed demand as mine output increases and economic growth slows in China.

 

 

Meanwhile, copper for delivery in three months fell 0.6% to $6,957.75 a tonne on the London Metal Exchange.