Copper futures fall due to profit booking

Copper futures today traded lower by Rs 1.35, or 0.40 per cent, to Rs 340.05 per kg at the Multi Commodity Exchange as speculators booked profit after recent sharp gains.

Weak trend at the London Metal Exchange and subdued demand at physical markets also kept pressure on the copper futures here.

The copper contract for delivery in August eased by Rs 1.35 or 0.40 per cent to Rs 340.05 per kg with a turnover of 4,954 lots. It had ended 2.32 per cent higher at Rs 341.40 per kg in the previous session.

The far-month November contract lost Rs 1.20 or 0.35 per cent to Rs 343 per kg in 1,032 lots.

 

At the London Metal Exchange, three-month copper fell $24.50 to $7,280 per tonne in early trade today.

Analysts said besides profit-booking by speculators after yesterday's gains, weak trend at the London Metal Exchange, also weighed on the copper futures prices.