Copper falls by 1.7% on global cues
Speculators trimmed their positions, tracking a weak trend in base metals overseas on demand concern
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Tracking a weak global trend, copper prices fell by 1.66% to Rs 414.55 per kg in futures trade today as speculators trimmed positions.
At the Multi Commodity Exchange, copper for delivery in November fell by Rs 7, or 1.66%, to Rs 414.55 per kg in business turnover of 2,524 lots.
Similarly, the metal for delivery in far-month February next year traded lower by Rs 6.60, or 1.54%, to Rs 420.60 per kg in 35 lots.
Market analysts said speculators trimmed their positions, tracking a weak trend in base metals overseas on demand concern, as signs of slowing economic growth from China to the US mainly kept pressure on copper prices in futures trade.
Meanwhile, in Shanghai, copper for December dropped 1.3% to 47,700 yuan ($7,790) a tonne.
At the Multi Commodity Exchange, copper for delivery in November fell by Rs 7, or 1.66%, to Rs 414.55 per kg in business turnover of 2,524 lots.
Similarly, the metal for delivery in far-month February next year traded lower by Rs 6.60, or 1.54%, to Rs 420.60 per kg in 35 lots.
Market analysts said speculators trimmed their positions, tracking a weak trend in base metals overseas on demand concern, as signs of slowing economic growth from China to the US mainly kept pressure on copper prices in futures trade.
Meanwhile, in Shanghai, copper for December dropped 1.3% to 47,700 yuan ($7,790) a tonne.
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First Published: Oct 16 2014 | 11:36 AM IST