Copper futures down 0.50% on profit booking, global cues

Copper prices declined 0.50 per cent to Rs 454.30 per kg in futures market Thursday as speculators booked profits amid easing demand at spot markets.

Besides, subdued global cues after the US Federal hiked interest rates, fuelled the downtrend.

At the Multi Commodity Exchange, copper for delivery in November declined by Rs 2.30, or 0.50 per cent to Rs 454.30 per kg in a business turnover of 350 lots.

Likewise, the metal for delivery in February next year shed Rs 2, or 0.43 per cent to Rs 461.20 per kg in eight lots.

Analysts said besides profit-booking by participants, fall in demand from consuming industries in physical market and a weak trend overseas weighed on copper prices at futures trade.

 

Meanwhile, copper for delivery in three-month fell 0.7 per cent to USD 6,271 per metric tonne on the London Metal Exchange.