You are here: Home » PTI Stories » National » News
Business Standard

Copper futures fall 2.72% on weak global cues

Press Trust of India  |  New Delhi 

prices drifted down by 2.72 per cent to Rs 421.30 per kg in futures trade today as speculators cut down their positions, driven by a weak trend overseas.

Besides, easing demand from consuming industries at domestic spot market, too, fulled the downtrend.

At the Multi Commodity Exchange, for delivery in August declined by Rs 11.80, or 2.72 per cent, to Rs 421.30 per kg in business turnover of 5507 lots.

Similarly, the for delivery in November contracts lost Rs 11.30, or 2.57 per cent, to Rs 428.75 per kg in 188 lots.

Analysts said offloading of positions by traders in line with a weak trend overseas where prices slumped to their weakest level in a year amid a broad selloff today after the said it would slap 10 per cent tariffs on an extra USD 200 billion worth of Chinese imports.

US Donald Trump's latest tariff threat escalates an already deepening trade war between the world's two biggest economies, fuelling risk aversion across assets from commodities to equities.

Meanwhile, copper for delivery in three-month dropped 3.8 per cent to USD 6,092.50 a tonne, its lowest since July 25 last year on the London Exchange.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 11:30 IST