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Copper futures down on global cues

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Press Trust of India New Delhi

Tracking a weakening global trend, copper prices fell by Rs 6.40 to Rs 409.50 per kg in futures trade today.

Trading sentiment turned bearish after copper fell to a seven-week low in New York on concerns that growth in China, the world's biggest metals user, may moderate as indicated by a decline in manufacturing index in April.

At the Multi Commodity Exchange, copper for delivery in June fell by Rs 6.40, or 1.54% to Rs 409.50 per kg, with a business turnover of 10 lots.  

Similarly, the metal for delivery in August declined by Rs 6.30, or 1.50% to Rs 414.85 per kg, with an open interest of two lots.

 

Market analysts said besides a weakening global trend, fall in spot market demand pulled down copper futures prices.  

Meanwhile, copper futures for July delivery fell by 1.4% to $4.12 a pound on the Comex in New York, the lowest level since March 15.

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First Published: May 02 2011 | 1:41 PM IST

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