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Copper futures down 1.52% on global cues

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Press Trust of India New Delhi

Extending its weakness, copper futures prices fell by Rs 4.55 or 1.52 per cent to Rs 294.15 per kg today in tandem with a weakening global markets on poor US jobs data amid euro zone debt worries.

Weak trend at physical markets due to subdued demand also weighed on the copper futures prices. At the Multi Commodity Exchange, copper for delivery in November contract drifted by Rs 4.55, or 1.52 per cent to Rs 294.15 per kg, with a turnover of 233 lots.

The metal for delivery in June contract also fell by Rs 4.20, or 1.43 per cent to Rs 288.90 per kg, with a turnover of 30,804 lots. Meanwhile, three-month delivery copper fell $190 to $6,090 per tonne, at the London Metal Exchange.

 

Analysts attributed the fall in copper futures to a weakening trend at the London Metal Exchange, where the metal touched a near eight-month low, as weak US employment data and the euro zone's debt woes continued to cast its shadow on the global economic growth.

Besides, subdued trend at domestic markets also put pressure, they added.

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First Published: Jun 07 2010 | 4:11 PM IST

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