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Copper weaken on global cues

Weak economic indicators pulled the metal lower

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Press Trust of India New Delhi
Last Updated : Jan 24 2013 | 1:49 AM IST

Copper futures prices today fell marginally by 0.02% to Rs 416.70 per kg after traders reduced their positions, taking weak cues from global markets.

Sluggish domestic demand at spot markets also put pressure on the metal's prices.

At the MCX, copper for delivery in June lost 10 paise, or 0.02%, to Rs 416.70 per kg, with a trading volume of 4,343 lots.

The metal for delivery in August also fell by 25 paise, or 0.01%, to trade at Rs 421.05 per kg, with a trading volume of 896 lots.

Analysts said the fall in copper futures prices was due to a weakening trend in overseas markets as data showed US consumer confidence dropped this month and Spanish and Italian bond yields jumped, worsening Europe's debt crisis before a leaders' summit.

Meanwhile, three-month copper dropped as much as 0.3%, to $7,335.50 a tonne at the London Metal Exchange.

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First Published: Jun 27 2012 | 12:52 PM IST

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