Copper weaken on global cues, subdued domestic demand

Copper futures fell by 0.20% to Rs 421.75 per kg today after traders reduced positions, taking weak cues from global markets.

Also, the sluggish domestic demand at spot markets also put pressure on the metal prices.

At the Multi Commodity Exchange, the June contract for copper lost 85 paise, or 0.20%, to Rs 421.75 per kg, with a trading volume of 21 lots.

The April contract shed 0.16%, to Rs 416.55 per kg, with a trading volume of 493 lots.

The fall in copper futures prices was mostly due to a weakening trend at the London Metal Exchange (LME) on demand concerns after the International Monetary fund warned of a global slowdown in the economic growth.

 

Meanwhile, copper prices for three-month delivery fell 0.9% to $8,457.25 per tonne in the early trade today at the LME.