Copper falls by 1.7% on global cues

Copper prices moved down by 1.72% to Rs 295 per kg in futures trade today as speculators trimmed their exposure amid a weak trend overseas and low demand at spot markets.

Copper for delivery in November shed Rs 5.15, or 1.72%, to Rs 295 per kg in a business turnover of 832 lots at the Multi Commodity Exchange.

Likewise, the metal for delivery in far-month February next year was trading lower by Rs 5.10, or 1.66%, to Rs 301.80 per kg in 172 lots.

Analysts said copper prices fell in line with a weak trend at the London Metal Exchange (LME) where metal dipped below $4,500 for the first time since May 2009 as investors fear China's shift to a consumer-driven economy from investment-led expansion will slow demand in the world's biggest user.
 

Besides, low demand from domestic industries had a negative impact, they said.

Copper for delivery in three months retreated 2.69% to $4,461.50 a metric tonne at the LME.