Copper sheds 0.55% on weak global cues

Traders trim positions as metal loses in London and Shanghai

Tracking a weak global trend, copper prices eased 0.55 per cent to Rs 427.70 per kg in futures trade today as speculators trimmed their positions.

At the Multi Commodity Exchange, copper for delivery in August fell Rs 2.35, or 0.55 per cent, to Rs 427.70 per kg in business turnover of 819 lots.

November copper traded lower by Rs 2.10, or 0.48 per cent, to Rs 436.30 per kg in 130 lots.

According to market men, apart from subdued demand at domestic spot markets, a weak trend at the London Metal Exchange (LME) attributed the fall in copper futures.

Meanwhile, copper for delivery in three months slided 0.20 per cent, to $7,061.50 a tonne at the LME, while in Shanghai for delivery in October slipped by 0.30 per cent to 50,530 yuan ($8,214) per tonne.