Copper falls over 1% on weak global cues
Speculators offloading their positions triggered the downtrend
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Tracking a weak global trend on demand concerns, copper prices fell by 1.32% to Rs 411.35 per kg in futures trade today as speculators offloaded their positions.
At the Multi Commodity Exchange (MCX), the June contract fell Rs 5.50, or 1.32%, to Rs 411.35 per kg in 3,152 lots.
The August contract traded lower by Rs 5.40, or 1.28%, to Rs 416.30 per kg in 251 lots.
Analysts attributed the fall in copper futures to weak global cues after a report showed manufacturing in China, the world's biggest metals consumer, is contracting for the first time in seven months.
On the London Metal Exchange (LME), the three months' contract fell 2.7%, the most since May 14, to $7,276.25 a tonne.
At the Multi Commodity Exchange (MCX), the June contract fell Rs 5.50, or 1.32%, to Rs 411.35 per kg in 3,152 lots.
The August contract traded lower by Rs 5.40, or 1.28%, to Rs 416.30 per kg in 251 lots.
Analysts attributed the fall in copper futures to weak global cues after a report showed manufacturing in China, the world's biggest metals consumer, is contracting for the first time in seven months.
On the London Metal Exchange (LME), the three months' contract fell 2.7%, the most since May 14, to $7,276.25 a tonne.
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First Published: May 23 2013 | 2:19 PM IST