Copper falls 0.2% on weak global cues

Weak global cues after manufacturing in China weakened influenced copper prices

Amid a weak trend in global market and subdued spot demand, copper prices fell 0.24% to Rs 418.65 per kg in futures trade today.

 

At the Multi Commodity Exchange, copper for delivery in August shed Re 1, or 0.24%, to Rs 418.65 per kg in business turnover of 872 lots.

 

Similarly, the metal for delivery in far-month November traded lower by 70 paise, or 0.16%, to Rs 426.15 per kg in 56 lots.

 

Analysts attributed the fall in copper futures to weak global cues after manufacturing in China, the biggest user, weakened and Goldman Sachs Group Inc said a global surplus may almost double in two years.

 

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Globally, copper for delivery in three months fell 1%, the most since July 17, to $6,984.25 a tonne on the London Metal Exchange.