Copper sheds 0.33% on global cues

Analysts cite uncertainty abouta new stimueli from UwS Fed Reserve for weakness in the metal

Copper prices declined by 0.33% to Rs 425.90 per kg in futures trade today largely in tune with a weakening trend overseas amid sluggish domestic demand.

At Multi Commodity Exchange, copper for delivery in November declined by Rs 1.40, or 0.33%, to Rs 425.90 per kg, with a business turnover of 718 lots.

August copper traded lower by Rs 1.35, or 0.32%, to Rs 421.50 per kg, with a business turnover of 8,128 lots.

Market analysts said besides sluggish domestic demand, a weak trend overseas, as uncertainty that the US Federal Reserve would introduce new stimulus measures, attributed the fall in copper prices at futures trade.

 

Meanwhile, copper for the three-month delivery slipped 0.2% to $7,525 a tonne on the London Metal Exchange.