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Copper futures slide 0.23 pc on weak demand

Press Trust of India  |  New Delhi 

Copper prices moved down by 0.23 per cent to Rs 442.05 per kg in futures trade today as speculators cut down their bets amid subdued demand at spot markets.

Copper for delivery in November shed Re 1, or 0.23 per cent, to Rs 442.05 per kg, in a business turnover of 1,316 lots at the Multi Commodity Exchange.

Likewise, the metal for delivery in February next year traded lower by Re 1, or 0.22 per cent, to Rs 446.65 per kg in 33 lots.

Analysts said copper prices fell in line with a weak trend in industrial metals following sluggish demand from consuming industries at the domestic spot markets, but a firming trend overseas, restricted the losses.

Globally, copper for three-month delivery on the Metal Exchange ended up 1.4 per cent at USD 6,760 per tonne yesterday as speculators kept buying in response to expectations of potential shortages in announced plans in July and August to curb waste imports, including scrap metal.

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

First Published: Wed, October 11 2017. 11:13 IST