Copper falls by 1.5% on weak global cues

Copper futures plunged 1.49% to Rs 311.45 per kg today as speculators trimmed their positions amid weak trend in global markets.

Moreover, muted demand at domestic spot markets also put pressure on prices.

At the Multi Commodity Exchange, copper for delivery in far-month February 2016 was trading lower by Rs 4.70, or 1.49% to Rs 316.15 per kg in a business turnover of 426 lots.

The metal for delivery in November fell Rs 4.40 or 1.42% to Rs 304.45 per kg in a business volume of 3,500 lots.

Analysts said coper plunged to the lowest intraday price since May 2009 at the London Metal Exchange (LME) on concern Chinese demand is slowing and as the dollar traded at its strongest level in more than a decade, weighed on metal prices at futures trade here.
 

At the LME, copper for three month delivery fell 2.1% to $4,593.50 per tonne.