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Tracking a weak global trend, copper prices plunged by nearly Rs 19 to Rs 346 per kg in futures trading today as speculators offloaded positions.
Besides, subdued demand from consuming industries further fuelled the downtrend.
At the Multi Commodity Exchange, Copper for delivery in February month contracts nosedived by Rs 18.95, or 5.19%, to Rs 346 per kg in business turnover of 2,870 lots.
Similarly, the metal for delivery in April traded lower by Rs 18.70, or 5.05%, to Rs 349.85 per kg in a business volume of 120 lots.
Analysts attributed sharp fall in copper futures to weak global trend where it plunged to 5 and a half year lows as slowing global growth dims the outlook for commodities.
Globally, copper for delivery in three months retreated by $506.75, or 5.5% to $5,353.25 a metric tonne on the London Metal Exchange, the lowest intraday price since July 2009.
