Copper down by 0.2% on weak global cues
Speculators reduced positions amid a weak global trend and subdued domestic demand
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Copper prices fell by 0.25% to Rs 418.70 per kg in futures trade today as speculators reduced positions amid a weak global trend and subdued domestic demand.
At the Multi Commodity Exchange, copper for delivery in November fell by Rs 1.05, or 0.25%, to Rs 418.70 per kg in a business turnover of 308 lots.
The metal for delivery in February next year also fell by 95 paise, or 0.22%, to Rs 424 per kg in two lots.
Analysts attributed the fall in copper futures to weak trend in base metals in the global markets before the US Federal Reserve reviews monetary policy and subdued demand at domestic spot markets.
Meanwhile, copper for delivery in three months traded 0.50% lower at $6,763 a tonne in the London Metal Exchange and at Shanghai Futures Exchange it traded at 47,490 yuan ($7,772) per tonne.
At the Multi Commodity Exchange, copper for delivery in November fell by Rs 1.05, or 0.25%, to Rs 418.70 per kg in a business turnover of 308 lots.
The metal for delivery in February next year also fell by 95 paise, or 0.22%, to Rs 424 per kg in two lots.
Analysts attributed the fall in copper futures to weak trend in base metals in the global markets before the US Federal Reserve reviews monetary policy and subdued demand at domestic spot markets.
Meanwhile, copper for delivery in three months traded 0.50% lower at $6,763 a tonne in the London Metal Exchange and at Shanghai Futures Exchange it traded at 47,490 yuan ($7,772) per tonne.
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First Published: Oct 29 2014 | 11:30 AM IST