Copper softens 0.27% on global cues

Subdued domestic demand influences prices

Tracking a weak global trend, copper prices softened by 0.27% to Rs 443.80 per kg in futures trade today as speculators trimmed positions.

At the Multi Commodity Exchange, copper for delivery in November shed Rs 1.20, or 0.27%, to Rs 443.80 per kg, with a business turnover of 6,488 lots.

February copper traded lower by Rs 1.15, or 0.26%, to Rs 448.65 per kg, with a business turnover of 283 lots.

Marketmen said positions offloaded by speculators in tandem with a weak global trend amid concerns that stimulus measures would not be enough to bolster growth, curbed demand prospects, leading to the decline in copper futures prices.

 

Subdued domestic demand put pressure on the metal prices, they said.

Meanwhile, copper for delivery in three months declined 1.1% to $8,185 a tonne on the London Metal Exchange.