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Copper futures down 1.33% on overseas cues

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Press Trust of India New Delhi

Copper remained weak and prices fell by Rs 4.35 or 1.33 per cent to Rs 315.35 per kg today, as traders reduced their positions, after taking cues from weak global markets.

Subdued demand for the metal at physical markets also put pressure on copper prices at futures market.

At the Multi Commodity Exchange, copper for delivery in June contract drifted by Rs 4.35, or 1.33 per cent to Rs 315.35 per kg, with a turnover of 5,793 lots. It ended flat at Rs 319.60 per kg in the previous session.

The metal for delivery in August contract also shed by Rs 4.05, or 1.27 per cent at Rs 328 per kg, with a turnover of 443 lots.

Analysts attributed the fall in copper futures to a weakening trend in global markets, where base metals remained weak, weighed down by China's slowing growth, which may hurt demand but the positive US manufacturing data restricted losses.

Meanwhile, copper for three months delivery fell $6.25 to $6,743.75 per tonne at the London Metal Exchange.

 

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First Published: Jun 02 2010 | 1:10 PM IST

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